DRAW UP THE RELEVANT CONTROL ACCOUNTS ENTERING END OF YEAR TOTALS FOR ACCOUNTS RECIEVABLE AND ACCOUNTS PAYABLE

Essays (NB: Please save frequently or type in a word editor then upload your file or copy and paste here) The financial year of The Better Trading Company ended on 30 November 2017. You have been asked to prepare a Total Accounts Receivable Account and a Total Accounts Payable Account in order to produce end-of-year figures for Accounts Receivable and Accounts Payable for the draft final accounts. You are able to obtain the following information for the financial year from the books of original entry: According to the audited financial statements for the previous year accounts receivable and accounts payable as at 1 December 2017 were $30,600 and $50,450 respectively. Draw up the relevant Control Accounts entering end-of-year totals for accounts receivable and accounts payable. Required: (20 marks)