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The trial balance for Lucky Courier Service is shown below: Lucky Courier Service (LCS) Trial Balance as at 30th April 2021 Account Name Debit (RM)
The trial balance for Lucky Courier Service is shown below: Lucky Courier Service (LCS) Trial Balance as at 30th April 2021 Account Name Debit (RM) Credit (RM) Cash 6,510 Accounts Receivable 3,000 Equipment 8,000 Accounts Payable 4,700 Capital 10,700 Service Revenue 8,690 Miscellaneous Expense 200 Maintenance Expense 1,000 Utilities Expense 1,500 Salaries Expense 3,700 Rent Expense 1,500 Suspense Account 1,320 25,410 25,410 The following errors were discovered in the month of May 2021. i. A debit posting to Salaries Expense of RM760 was omitted. ii. A purchase of supplies RM1,040 by cash was debited to Equipment for RM1,040 and credited to cash RM1,040. iii. A collection from customer for RM420 was debited to cash account and credited to Accounts Payable. iv. Additional investment RM1,270 cash were debited cash account only. Required: Prepare: a) Journal entries to correct the errors. (10 marks) (CLO3:PLO7:C3) b) The suspense account (4 marks) (CLO3:PLO7:C3) c) The Statement of Corrected Net Profit for LCS, given the net income for the month of April 2021 was RM8,630. d) Describe two errors not affecting the trial balance. (6 marks) (CLO3:PLO7:C4) (3 marks) (CLO3:PLO7:C3)
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