The following information was obtained from the books: $ 9.506 $ 2.580 $ 20.345 01-Jul-19 Debtors Creditors 31-Jul-19 Credit Sales *Credit purchases at list price *Purchases returns at list price Sales returns Cash and cheques received from debtors Customer's cheques dishonoured Customer's cheques paid to suppliers Dicount received Discount allowed $ 7.200 $ 200 $ 120 $ 19.580 $ 250 $ 5.170 $ 190 $ 210 $ 70 $ 155 Interest charged to customers on overdue accounts Bad debts written off Balance in the sales ledger set off against balance in the purchases ledger Cash refunds from suppliers for overpayments Debit balances in purchases ledger Credit balances in sales ledger $ 350 $ 60 $ $ 40 28 64 *All purchases and purchases returns were subject to a trade discount of 10% of list price. 1/ Select the appropriate balances and prepare the purchases ledger control account for the month of July. No other account is required. 2/ Identify two advantages of prepraring control accounts.