Page 6 of 8 Question 3 (Approximate Completion time: 35 mins (CLO 3) On December 31, 2000, the trial balance for S Ltd has a debit balance of 90,630 and a credit balance of 98,000. An investigation was carried out and the following errors were identified: 1. The transfer to the Sales Account from the Sales Journal was overstated by $210. 2. The owner's consumption of goods from the business valued at $7,000 was not recorded in the accounts at all. 3. Electricity paid by cash amounting to $2,250, was recorded in the cashbook, but not recorded to the Electricity Account. 4. Water paid by cheque amounting to $1,790 was correctly credited once in the cashbook, but debited twice, firstly to the Water Account and secondly to the Electricity Account. 5. The addition for the debit side of the cash book was understated by $6,700, resulting in the incorrect balance being brought down. Required: a) What entry is required to balance the trial balance? (2 marks) b) Prepare journal entries required to correct the above errors (10 marks). c) Create a Suspense Account and show the relevant adjustments. (8 marks) (Total 20 marks)