Task 4: This task has been designed to assess your understanding and ability to perform how the control accounts are support effective financial management within the organization. Explain the role and purpose of control accounts for accounts receivable and accounts payable, and how they differ from suspense accounts. You need to evaluate the differences between control account types and identify them. Then, how control accounts support effective financial management within the organization. Use the following information in order to perform control account reconciliations for accounts receivable using the below requirements: The net total of balances in the trial balance, which was extracted from the sales ledger as on December 31,2021 , amounted to 50,900 which did not agree with the balance on the sales control account, 50,000. On checking, the following errors were discovered: 1 The list of account receivables balances in the sales ledger had been overstated by 500 2 The sales day book had been understated by \pm 1000 in the sales control account. 3 A refund to a customer had been understated by 500.In the sales control account. 4 The sales discount had been omitted by f400. From both sales ledgers \& control account. 5 A sales return of \pm 200 was completely omitted From both sales ledgers \&control account. 6 A balance owing by customer had been written off and debited to bad debts expenses by 100 and didn't record in the sales control account, Requirements: 1. Explain the role and purpose of control accounts (for accounts receivable and accounts payable), how they differ from suspense accounts. 2. The journal entries to clear the suspense accounts. 3. A statement of reconciliation for sales ledger book. 4. A statement of reconciliation for sales ledger control account 1. Explain \& Evaluate the role and purpose of control accounts (for accounts receivable and accounts payable), how they differ from suspense accounts