Question 1 The trial balance of CX Trading as at 31 December 20x5 showed a difference which was posted to a suspense account. Drafted financial statements for the year ended 31 December 20x5 were prepared showing a net profit of $23,120. The following errors were subsequently found: 1. The purchase of a new van for $6,000 was included in the motor van expense account. 2. The debit side of the stationary account is undercast by $250. 3. There is a debit in the rent account of $400 but should be $4,000. 4. The rates on the owner's home of $750 has been paid by the business and debited to the business' rates account. 5. $720 included in the wages account of the business was in fact paid to the house keeper of the owner. 6. Purchases of inventory costing $500 paid by cheque had been totally missed out in the books. 7. Insurance paid by cheque of $150 was credited to both accounts. Required: a The journal entries to correct the errors of the above. Narratives not required. b) A statement of correcting the profit as found in the drafted financial statements