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You have been provided with the companys trial balance as at 31 March 2020. Unfortunately, it was prepared by a junior member of staff and

You have been provided with the companys trial balance as at 31 March 2020. Unfortunately, it was prepared by a junior member of staff and does NOT balance.

Men with Ven plc

Trial Balance

As at 31 March 2020

Equity shares

100,000

8% debentures

50,000

Share premium

9,500

Retained profits

12,976

Motor vehicles (cost)

210,000

Accumulated depreciation

19,000

Inventories

14,167

Accounts receivable

11,000

Accounts payable

8,336

Bank

10,906

Sales

270,620

Purchases

186,000

Wages

33,502

Electricity expenses

350

Rent expenses2

2,218

General expenses

1,112

Debenture interest

4,000

The junior member of staff has identified the following errors but does not know how to correct them:

  1. A payment of 150 for electricity was entered in the Bank Account but was not recorded in the Electricity Expense Account.
  2. There is a debit in the Rent Expense Account for 718 and a debit to the bank account for the same amount.
  3. A sale for 1,200 has been entered correctly in Accounts Receivable but as 120 in the Sales Account.
  4. A payment to a supplier of 457 has been correctly recorded in Accounts Payable Account but no other entry has been made.

  1. Prepare journal entries to correct the above errors and prepare a T-account for the Suspense Account showing the entries.

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