You have been provided with their trial balance and a list of errors.

Coffee 4 Life Trial Balance
	Debit	Credit
Equity Shares		500,000
8% debentures		175,000
Share premium		50,000
Retained profits		130,000
Motor vehicles (cost)	250,000
Accumulated depreciation		35,000
Inventory	80,000
Accounts receivable	125,000
Accounts payable		60,000
Bank	166,000
Sales		400,000
Purchases	250,000
Wages	160,000
Electricity	40,000
Rent	160,000
General expenses	125,000
Interest expense		14,000
Total	1,356,000	1,364,000

List of errors identified

1. In January the company purchased a small deliver van costing 15,000. This has been included in general expenses. Note: ignore any adjustment that might be needed to depreciation.
2. The company made a sale near the end of the financial year to a local restaurant for 60,000. This sale was on credit and has not yet been recorded.
3. Rental on a factory is 12,000 per month. The debits and credits have been done correctly but for the wrong amount. This is the only rent the company pays.
4. When the journal entries were being posted to the individual accounts the fire alarm went off. As a result, one of the entries for wages was not completed - the wage account was debited for 20,000 but no entry was made in the bank account.
5. The trial balance was prepared during an extremely busy period. Consequently, one of the accounts was entered on the wrong side of the trial balance.

Q1) Prepare journal entries to correct the errors, clearly identifying what type of error you are correcting.

Q2) Demonstrate that the suspense account is now cleared.

Q3) Demonstrate that the trial balance balances.