Question #1 The following Trial Balance of Gary Plange failed to agree and a suspense...
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Question #1 The following Trial Balance of Gary Plange failed to agree and a suspense account was opened. Trial Balance as at 31 December 2018 ACCOUNT TITLES DEBIT SCREDITS Capital 500,000 Motor Van 600,000 Equipment 370,000 Wages and Salaries 40,000 Bank 120,000 Loan 270,000 Sales 525,000 Purchases 210,000 Inventory 1.1.2018 40,000 Accounts receivable 60,000 Accounts payable 140,000 Suspense 5,000 1,440,000 1,440,00 The following errors were found: 1. The sales account was understated by $1,250 2. Cash received S480 from C. McCauley was recorded in the cash account as $840. 3. Wages paid $3,500 by cash was omitted from the cash account 4. Discount received $55 was recorded in error on the credit side of account payable REQUIRED: a) Correct the above errors via the general journal b) Prepare the suspense account c) Redraft the trial balance after all the errors have been corrected
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