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Good afternoon people, could you please help me with the following accounting questions? Gayle prepares monthly Receivables and Payables ledger control accounts. At November 1
Good afternoon people, could you please help me with the following accounting questions?
Gayle prepares monthly Receivables and Payables ledger control accounts. At November 1 2019 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 77,000 11,000 The following information is extracted in November 2019 from the company's records $ Credit sales 251,000 Cash sales 34,000 Credit purchases Cash purchases 29,000 Credit sales returns Amount received from credit customers 242,000 Credit purchases returns 3,000 Dishonoured cheques 500 Amount paid to credit suppliers 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 2019 the balance in the receivables and payables ledger, as extracted, totaled: Dr. Cr. $ $ To be calculated 2,000 Receivables ledger balances Payables ledger balances 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 2019. To determine, the closing debit and closing credit balances on the receivables ledger account and payables ledger control account respectively
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