Fast Health Mart (FHM) is a distributor of vitamins, FHM practices periodic inventory system for recording the inventories. The trial balance as at 31" December 2019 for the company shows the suspense account RM255(credit): Fust Health Mart (FHM) Trial Balance as at 31" December 2019 Account Name Debit (RM) Credit (RM) Cash 19,445 Accounts Receivable 8,500 Equipment 18,000 Accounts Payable 3,500 Capital 15,000 Sales Revenue 33,690 Purchase 25,500 Sales Discount 700 Purchase Discount 700 Suspense Account 255 53,145 53,145 The following errors were discovered in the month of February 2020. i. A debit posting to Salaries Expense of RM380 was omitted. it. A purchase of inventories RM520 by cash was debited to inventories Account for RM 520 and credited to cash RM520 iii. A collection from Accounts Receivable for RM210 was debited to cash account and credited to Accounts Payable iv. Additional investment RM635 by cash were debited cash account only. v. A sales discount RM25 was wrongly debited to Accounts Receivable RM 25 and credited to Purchase Discount account RM25. Required: Prepare: : a) journal entries to correct the errors, (13 marks) (CLO3:PLO4/PL07:24) ACCT1002/June2020 Page 4 of 5 b) the suspense account (3 marks) (CLO3:PLO4/PL07:04) c) The net income for FHM for December 2019 was RM2,690. Prepare the Statement of Corrected Net Profit for FHM. (6 marks) (CLOS:PLO4/PL07:04) d) Suggest TWO (2) possible ways to avoid error from happens when preparing financial statement (3 marks) (CLO3:PLO4/PL07:04)