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$123,470Accounts payable control144,800The following transactions took place during June:Credit inventory sales for the month $161,970Cash inventory purchases for the month 117,020Credit inventory purchases for the month 82,040Cash payments to creditors for the month 161,120Discount received for the month 3,820Discount allowed for the month 2,970Cash receipts from customers for the month 164,720Cash inventory sales for the month 11,870June 8: Goods (unpaid) returned by customer 11,770June 11: Bill payable accepted by creditor in respect of balance of account 3,490June 16: Goods (paid for) returned to supplier and received cash 9,010June 21: Offset of accounts receivable and payable recorded 11,870June 23: Goods (paid for) returned by customer and they were given cash 8,370June 28: Goods (unpaid) returned to supplier 11,020Prepare the accounts receivable control and accounts payable control ledger accounts for the month of June 2019.

Accounts receivables are the current asset and it represents the money that is to be received from…

Answered: Ravilero Ltd uses the periodic…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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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 at 1 June 2019 were:

Accounts receivable control	$123,470
Accounts payable control	144,800

The following transactions took place during June:

Credit inventory sales for the month		$161,970
Cash inventory purchases for the month		117,020
Credit inventory purchases for the month		82,040
Cash payments to creditors for the month		161,120
Discount received for the month		3,820
Discount allowed for the month		2,970
Cash receipts from customers for the month		164,720
Cash inventory sales for the month		11,870
June 8: Goods (unpaid) returned by customer		11,770
June 11: Bill payable accepted by creditor in respect of balance of account		3,490
June 16: Goods (paid for) returned to supplier and received cash		9,010
June 21: Offset of accounts receivable and payable recorded		11,870
June 23: Goods (paid for) returned by customer and they were given cash		8,370
June 28: Goods (unpaid) returned to supplier		11,020