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i want to the answer please! Instructions Jones Co prepare monthly receivables' and payables' ledger control account. At 1 November 2015 the following balances existed
i want to the answer please! Instructions Jones Co prepare monthly receivables' and payables' ledger control account. At 1 November 2015 the following balances existed in the entity's records. DR CR Receivables' ledger control 54,000 1,000 account Payables' ledger control 200 43,000 account The following information was extracted in November 2005 from the entity's records: Credit Sales 251,000 Cash Sales 34,000 Credit Purchases 77,000 Cash Purchases 29,000 Credit sales returns 11,000 Credit purchases returns 3,000 Amounts received from credit 242,000 customers Dishonoured cheques 500 Amounts paid to credit suppliers 74,000 Cash discounts received 2,000 Irrecoverable debts written off 4,000 Increase in allowance for 1,200 receivables Interest charged to customers 1,400 Contra settlements 800 At 30 November 2015 the balances in the Receivables' and Payables' ledgers, as extracted, totalled: At 30 November 2015 the balances irt the Receivables' and Payables' ledgers, as extracted, totalled: DR CR To be calculated 2,000 Receivables' ledger balances Payables' ledger balances Required: 200 To be calculated Prepare the receivables' ledger control account and the payables' ledger control account for Jones Co for the month of November 2015 to determine the closing debit and closing credit balances on the receivables' ledger control account and payables' ledger control account respectively
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