The newly appointed bookkeeper of Sure Win Company having been unable to balance the Trial Balance at March 31, Year 7, opened a Suspense Account. The following information relating to the year ended March 31, Year 7 was subsequently discovered: 1. Advertising Expenses of $21,500 paid in February Year 7 had not been posted from the Cash Book. 2. Discounts Allowed of $9,800 in December Year 6 had been posted to the credit side of the Discounts Received account. 3. Trade settlements received from ABC Company for the amount of $27,820 in January Year 7 had been wrongly posted to ABD Company. 4. Credit Sales of $38,750 to| Cheung Fat Hong had been correctly credit to Sales account but had been entered to the Debtor's account as $38,570. 5. Electricity Charges of $580 that had been accrued at March 31 , Year 6 had been not been brought down on the Electricity Charges account as an opening balance. 6. The debit side of the Purchases account had been over-added by $5,200 before the balance on the account had been determined. 7. A Machine cost $28,000 for which $11,200 had been provided as depreciation, was sold for $18,600. The proceeds had been correctly debited to Cash Book but had been credited to Sales. Nothing had been made to the Disposal account. REQUIRED a Prepare Journal Entries with narratives to correct the above errors. b Write up the Suspense account (posting the entries and identifying the beginning balance). c Show your correct calculation of Net profit