a. On 31st December 2015 Omega extracted a trial balance and found that it did not balance. The debit column totaled $850,750, and the credit columns totaled $841,590. Omega entered the difference in suspense account. Upon investigation he found that the following errors had been made. (i) A purchase for cash of $1,250 had been correctly entered into the cash account but had not been entered into the purchase account. (ii) Discount received of $625 had been posted to the debit side of the discounts received account. (iii) A purchase of goods for sale of $13,125 paid in cash had been entered in the purchase account as $18,125. (iv) The sales returns day book had been under cast by $2,000. (v) The sales day book had been overcast by $2,500. (vi) Interest received for the year of $4,375. Had been entered as a debit entry in the interest payable account. (vii) Telephone expenses of $237 paid by cheque had been posted to the debit side of the telephone expense account as $273. Required: 1. Identify the types of errors 2. State the effect of each error on Omega's Profit for the period