Essays (NB: Please save frequently or type in a word editor then upload your file or copy and paste here) On extracting a trial balance, the accountant of Penguin corporation discovered a suspense account with a debit balance of $1,075 included therein; she also found that the debits exceeded the credits by $957. She posted this difference to the suspense account and then investigated the situation. She discovered: A debit balance of $75 on the postage account had been incorrectly extracted on the list of balances as $750 debit. A payment of $500 to a credit supplier, Abby, had been correctly entered in the cash book, but no entry had been made in the payables control account. When a motor vehicle had been purchased during the year the bookkeeper did not know what to do with the debit entry so he made the entry Dr Suspense, Cr Bank $1,575 A credit balance of $81 in the sundry income account had been incorrectly extracted on the list of balances as a debit balance. A receipt of $5 from a credit customer, Ben, had been correctly posted to his account but had not been entered in the cash book as $625. The bookkeeper was not able to deal with the receipt of $500 from the owner's own bank account, and he made the entry Dr Bank and Cr Suspense. No entry has been made for a cheque of $120 received from a credit customer May. A receipt of $50 from a credit customer, Newton, had been entered into the receivables control account as $5 and into the cash book as $5. Required: Prepare the Journals to correct the errors and the suspense account to eliminate the mistakes made. (20 marks) (10 marks)