The end of year accounts of Gore revealed an imbalance in the trial balance. A suspense account was opened with a credit balance of 850. The following errors were subsequently uncovered: 1. A sale of goods for 900 on credit had been omitted from the sales account 2. A cash discount of 200 had been taken from supplier after the agreed time limit 3. Installation costs of 300 on a new heater had been recorded as a revenue expense 4. Inventory of stationery costing 135 for distribution labels had been ignored at the period end 5. A purchase of 450 had been recorded in the purchases account as 850 6. The purchase returns book included a sales credit note for 225. This had been entered correctly in the account of the relevant customer but had been included with purchase returns in the nominal ledger i. Prepare journal entries to correct each of the above errors. [7] (narratives not required) ii. Open a suspense account and make the necessary corrections to [4] close the account. iii. Prior to the corrections Gore had a gross profit of 39,600 and a net profit of 18,650. Calculate the revised gross and net profits after the corrections [6] Explain why a suspense account is important [3]