Payment for merchandise sold on credit for $100 subject to 1/10 n/30 was received within the discount period-$99 was received.This was recorded with a debit to Sales Discounts for $1,a debit to Cash for $99,and a credit to Accounts Receivable $100,but no mention was made of the subsidiary ledger account.This error will cause:

Question

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The error will cause the control account to not agree with the subsidiary ledger since the subsidiary ledger account for Accounts Receivable was not updated with the payment received. This will result in a discrepancy between the balance in the control account (which shows the total amount owed by all customers) and the balance in the subsidiary ledger (which shows the amount owed by each individual customer). However, this error will not affect net income or the overall asset balance.

Payment for Merchandise Sold on Credit for $100 Subject to 1/10