2. 4. Stephen Peterson, an accounting student, prepared his father's final accounts. The following errors were discovered by the accounting technician who examined the accounts. 1. The sale of goods S2 500 on credit to K Martin had been entered in K Marteen's Account 2. The purchase of goods for $1 575 cash was completely omitted from the books. 3. The purchase of a motor ear for S5 000 had been entered in the Motor Expenses Account Discounts Allowed of $400 had been entered in error on the debit side of the Discounts Received Account 5. The wages account was undercast by S430. 6. A receipt of cash from J Slows for S100 had been entered on the credit side of the Cash Book and the debit side of J Slows' Account Prepare the journal entries necessary to correct the above errors. (N.B. Narratives are required.) ( 13 marks) (b) The Income Statement prepared by Stephen Peterson showed Net Income of $24 521. Prepare a statement showing the corrected Net Income for the business. (7 marks) Total 20 marks (a)