+ ID Page view A Read aloud Draw V The manager of Get-well Pharmacy has provided you with the following information on May 1, 2011 for your professional assistance. The following information was provided: Balance on May 1 2011 Debtors control Dr. Debtors control Cr. $65 145 600 Creditors control Dr. Creditors control Cr. 950 75 500 Totals for the month of May 2011 Cash purchases Credit purchases Cash Sales Credit Sales Contra entry: Set off Refund to cash customers Bad debt written off Discount Allowed Total payments to suppliers Total receipt from customers Discount received Dishonoured cheques: customers Increase in the allowance for bad debts Return Inwards Return Outwards 35 600 62 600 47 000 75 000 1 800 2 800 3 300 3.750 87 000 98 800 5.500 2.900 2 100 2 400 15 200 Balances at 31 May 2011 Debtors control: Dr. Cr: 58 300 I Cash purchases Credit purchases Cash Sales Credit Sales Contra entry: Set off Refund to cash customers Bad debt written off Discount Allowed Total payments to suppliers Total receipt from customers Discount received Dishonoured cheques: customers Increase in the allowance for bad debts Return Inwards Return Outwards 35 600 62 600 47 000 75 000 1 800 2 800 3 300 3750 87 000 98 800 5 500 2 900 2 100 2 400 15 200 Balances at 31 May 2011 Debtors control: Dr.? Cr: $8 300 Creditors control Dr. $7 500 Cr: ? REQUIRED: a. Prepare the Sales ledger control account (12 marks) b. Prepare the Purchases control account. (10 marks) c. State three (3) purposes of a control account (3 marks) (Total 25 marks)