ACCT1101 Question 3 A. A Trial Balance is a statement that can be prepared at any time depending on the need of the organization to check the arithmetical accuracy of the Ledger. With this knowledge in mind answer the following questions below. The Trial Balance is arithmetically correct but some of the balances are misplaced and the trial balance does not balance. Required Redraft the trial balance in the correct form (13 marks) B. Capital 19 000 Sales 40 980 Drawings 2 300 Cash 156 Advertising 2 354 Opening inventory Rent and rates Retums inwards Purchases 2548 3 400 252 28 700 Retums outwards 350 Commissions expense 10 230 Salaries 7 530 Bank 61 600 2860 59 060 Certain transactions took place after correcting the trial balance. These events had a double effect on the trial balance: Sold goods $560 in cash; paid salaries by cheque $4000; Bought goods $450 on credit. Required Show the double effect of the transactions on figures in the trial balance by drawing up a new trial balance. (7 marks) (Total 20 marks)