1. Olatunde is a sole proprietor, trading as Ola's Biz. The firm's draft final accounts for the year ended June 30, 2021, showed a net profit of $42,500. After the preparation of the final accounts, the following errors were discovered. i. Goods, $4,500, purchased on credit from A. Marston had not been entered in the accounting records ii. iii. iv. V. vi. vii. viii. Motor vehicle expense, $3,800 for the year had been posted to the motor vehicle account A discount allowed to Y. Buchanan ($185), had been debited to the account of Y. Buchanan $890 received from R. Rodney was correctly entered in the cash book but was wrongly posted as $980 in Rodney's account. Olatunde paid his private internet bill from the business bank account. The payment of $675 was debited to sundry expenses. Required $145 of goods returned by a customer was entered only in the debtor's account A cash sale of $2,000 was debited to the sales account and credited in the cash book. The balance in the Commissions Received account was overcast by $30. a) Prepare the journal entries necessary to correct the above errors with appropriate narrations. b) Write up the Suspense Account [12 marks] [5 marks] c) Prepare a statement to show the corrected Net Profit for the year ended June 30, 2021 [7 marks]