22 21. A trial balance has been extracted and a suspense account opened. One error relates to the mis- posting of an amount of K200, being discounts received from suppliers. This was recorded on the wrong side of the discounts account. What will be the correcting journal entry? Collin has extracted the following balances from the ledger accounts for his business: K Plant and machinery 95,000 Property 135,000 Inventory 6,400 Payables 3,600 Receivables 2,850 Bank overdraft 970 Loan 45,000 Capital 100,000 Drawings 32,000 Sales 362,000 Purchases 156,000 Purchase returns 2,200 Carriage outwards ? Discounts received 3,500 Sundry expenses 82,500 He has forgotten to extract the balance from the carriage outwards account. What is the value of the missing balance? 23 Liz Co recorded a banks payment of K880 for repairs to its business van. The correct entry was made to the bank account but no other entries were made. What would be the journal to correct this error? 24 Dizzie recorded an amount of K3,175 for rent and rates paid. Both the rent and rates account and the bank account were debited. What would be the journal to correct this error