Overton’s Outdoor Centre is owned and run by Kym Overton, using the periodic inventory system and balancing her books at month‐end. At 30 April 2019, the balances of the Accounts Receivable Control and Accounts Payable Control accounts were $59 560 and $34 570 respectively. Ignore GST. A summary of her dealings with customers and suppliers for May 2019 follows.

The following additional information is available.

1. At Rainsford Ltd’s request, on 31 May, Kym Overton offset the amount owed by Rainsford Ltd against the amount owing to it.

2. Overton’s Outdoor Centre paid Rainsford Ltd on 6 May, sold goods to Rainsford Ltd on 10 May, and purchased goods from Rainsford Ltd on 19 May.

Required

(a) Prepare the Accounts Receivable Control and Accounts Payable Control ledger accounts for the month of May 2019.

(b) Prepare Rainsford Ltd’s accounts payable subsidiary ledger account for the month of May 2019 in the accounting records of Overton’s Outdoor Centre.

(c) Prepare schedules of accounts receivable and accounts payable as at 31 May 2019.

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Sales returns Customers Bal. b/d 1/5/19 Credit sales (unpaid goods) Cash received Discount allowed Moses & Co. T. Nitshke $15540 $4900 (9 May) $150 $12620 $260 6300 2800 (11 May) 60 6300 Nguyen Traders 12000 6160 10970 Sampson Sales 21280 2240 16360 400 Warner Wholesalers 1500 1950 (16 May) 90 1500 Saito Sales 2100 4600 1700 Pfitzner Pty Ltd 840 1680 820 Rainsford Ltd 2120 1281121