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 2016, 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 2016 follows:

Customers

Bal. b/d 1/5/16

Credit sales

Sales returns (unpaid goods)

Cash received

Discount allowed

Moses & Co. T. Nitshke Nguyen Traders Sampson Sales Warner Wholesalers Saito Sales Pfitzner Pty Ltd Rainsford Ltd

$15 540 6 300 12 000 21 280 1500 2 100 840 —

$4 900 2800 6 160 2 240 1950 4 600 1680 2 120

(9 May) $150 (11 May) 60 — — (16 May) 90 — — —

$12 620 6 300 10 970 16 360 1500 1700 820 —

$260 — 220 400 — — 20 —

Suppliers

Bal. b/d 1/5/16

Credit purchases

Purchases returns (unpaid goods)

Cash paid

Discount received

Aster Suppliers Pekoe Products Rainsford Ltd R. Katspaw

$19 500 — 13 900 1 170

$4 940 2 470 7 600 1820

(8 May) $230 — (18 May) 280 —

$14 000 — 11 460 1 150

$280 — 230 20

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 2016.

B. Prepare Rainsford Ltd’s accounts payable subsidiary ledger account for the month of May 2016 in the accounting records of Overton’s Outdoor Centre.

C. Prepare schedules of accounts receivable and accounts payable as at 31 May 2016.