Essays (NB: Please save frequently or type in a word editor then upload your file or copy and paste here) Gayle prepares monthly Receivables and Payables ledger control accounts. At November 1 2015 the following balances existed in the company's records. Dr. $ Cr. $ Receivables ledger control account Payables ledger control account 54,000 200 1,000 43,000 The following information is extracted in November 2015 from the company's records Credit sales Cash sales Credit purchases Cash purchases $ 251,000 34,000 77,000 29,000 11,000 242,000 Credit sales returns Amount received from credit customers Credit purchases returns Dishonoured cheques Amount paid to credit suppliers 3,000 500 74,000 Cash discounts allowed 3,000 Cash discount received 2,000 Irrecoverable debts written off 1,000 Increase in allowances for receivables 1,200 Interest charge to customers 1,400 Contra settlements 800 At 30 November 2005 the balance in the receivables and payables ledger, as extracted, totaled: Dr. $ Cr. $ Receivables ledger balances Payables ledger balances To be calculated 2,000 200 To be calculated You are required to: Prepared the receivables ledger control account and the payables ledger control account, for the month of November 2015. To determine, the closing debit and closing credit balances on the receivables ledger account and payables ledger control account respectively. (20 marks) (20 marks)