EXERCISE 1.24 1.24 The accountant of Luckless Limited received the monthly trial balance from his bookkeeper and found that it was out of balance. He first confirmed that there were no errors on the trial balance and no arithmetical errors in computing account balances. He then checked the postings from the journal to the general ledger and discovered that 1. 2 3. 4. A credit note for R76 given to a customer for merchandise retumed had been correctly recorded in the journal. The posting to the sales returns account had been done correctly but accounts receivable account had been mistakenly debited with R67. A discount of R20 granted to a debtor for prompt payment of his debt had been journalised as a debit to bank account and a credit to inventory account. In posting to the ledger the bookkeeper had posted the credit to inventory account as R2. An amount of R210 for a cash purchase of merchandise had been correctly journalised but in posting the transaction to the ledger the bookkeeper had neglected to post the amount to the bank account Merchandise with a cost of R100 had been withdrawn by the owner of the business for his personal use. This had been incorrectly journalised and posted to the ledger as a debit to salaries expense account and a credit to sales account. REQUIRED: Assuming that it is the accountant's practice to correct all mistakes in ledger postings by means of journal entries, prepare appropriate entries in general journal form to correct the above errors (ignore narrations). If you are of the opinion that a journal entry is not necessary, explain briefly how you would correct the mistake Page 1 of 1