Two Connie Francis is the owner of The Jetsetter an organic health food store. The firm's trial balance failed to agree, and the difference was posted to a suspense account. The Income Statement then showed a net loss $77,250. A subsequent audit revealed the following accounting errors a) The Closing Stock valued at $44,500 was taken as $64,500 b) Cash payment of $22,500 for office expenses was correctly posted in the cash account but was not posted in the expense account c) The Opening Stock valued at $55,000 was taken as $95,000 d) Building repairs paid for $70,000 by cheque was not recorded in the books e) The loan repayment of $25,000 was paid by cheque and correctly posted in the cashbook, but was debited to the loan interest account f) An invoice for credit sales of $70,000 was posted in the sales account but was not posted in the sales ledger account g) Rent expense of $30,000 paid by cheque was recorded as Dr Bank 30,000 and Cr Rent expense $30,000 h) New machinery costing $80,000 purchased by cheque was corrected recorded in the cashbook, but was Debited to the Machinery Repairs account Required 1. Write up the General Journal to note the corrections required for the above errors Narratives are NOT required (15 marks) 2. Write up the Suspense Account (4 marks) 3. Prepare the Statement of Adjusted Net Income (7 marks) 4. State and briefly explain the errors incurred at (d.), (e). (g) and (h) above (12 marks) 5. Connie Francis was also concerned when she noted that the balance in the cashbook was not the same as that in the bank statement for the corresponding period. Assuming that there could have been banking errors, Connie Francis commissioned Shauna Gay Neale her Internal Auditor to enquire into the matter.. Ms Neale reported that the difference in the balances was due in part to the credit transfer, dishonored cheques, standing order, bank charges, late lodgments, and the un-presented cheques. Briefly explain the following terms: - Credit Transfer Dishonored Cheques Standing Order Bank Charges Late Lodgments Un-presented Cheques (12 marks)