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Ravilero Ltd uses the periodic inventory system and has control accounts and subsidiary ledgers for trade receivables and payables. The general ledger control account balances
Ravilero Ltd uses the periodic inventory system and has control accounts and subsidiary ledgers for trade receivables and payables. The general ledger control account balances at 1 June 2019 were: Accounts receivable control $142,110 Accounts payable control 166,650 The following transactions took place during June: Credit inventory sales for the month Cash inventory purchases for the month Credit inventory purchases for the month Cash payments to creditors for the month Discount received for the month Discount allowed for the month Cash receipts from customers for the month Cash inventory sales for the month June 8: Goods (unpaid) returned by customer June 11: Bill payable accepted by creditor in respect of balance of account June 16: Goods (paid for) returned to supplier and received cash June 21: Offset of accounts receivable and payable recorded June 23: Goods (paid for) returned by customer and they were given cash June 28: Goods (unpaid) returned to supplier $186,420 134,690 94,430 185,440 4,390 3,420 189,590 13,660 13,540 4,010 10,370 13,660 9,640 12,690 Prepare the accounts receivable control and accounts payable control ledger accounts for the month of June 2019. (Post entries in the order displayed in the problem statement.) Accounts receivable control Accounts payable control
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