Question 2 The trial balance for Mr. Mitel Kaplan, a shop owner in Maynooth for the year ended 31 December 2017 does not balance. Mr. Kaplan had identified the following issues but is unsure how to account for these and has approached you for assistance in rectifying the following: i) A payment of 780 paid to 'Trade Payables T. Raymond' was credited to 'Trade Receivable T. Redmond by mistake. ii) Mr. Kaplan took goods of 975 from his shop for use at a personal party. No adjustment has been included in the financial statements for this transaction. iii) Purchase returns of 625 have been debited to the purchases account in error. iv) In reviewing his cheque journal, Mitel realised that he accidently recorded repairs and maintenance of 1,450 as insurance. v) A long-term loan received of 11,500 has been correctly recorded in the bank account, but credited to capital account by mistake. vi) Deposit interest of 485 received on a personal deposit account has been included in the business trial balance by debiting bank interest expense and crediting suspense. Requirements: (a) Prepare journal entries for Mr. Mitel Kaplan to record and correct relevant transactions from the above information for the financial statements for the year-ending 31 December 2017. (13 marks) (6) Prepare the suspense account and calculate the opening balance on the suspense account. (4 marks) c) List and explain (with examples) four different types of accounting errors which are not detected by preparing a trial balance. (8 marks) Total: (25 marks)