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1.At the year end of T Down Co,an imbalance in the trial balance was revealed which resulted in the creation of a suspense account with a credit balance of $1,040. Investigations revealed the following errors. (1)A sales of goods on credit for $1,000 had been omitted from the sales account. (2)Delivery and installation costs of $240 on a new item of plant had been recorded as a revenue expense. (3)Cash discount of $150 on paying a supplier,JW,had been taken. even though the payment was made outside the time limit. (4)Inventory of stationery at the end of the period of $240 had been ignored. (5)A purchase of raw materials of $350 had been recorded in the purchases account as $850. (6)The purchase returned day book included a sales credit note for $230 which had been entered correctly in the account of the customer concerned, but included with purchase returns in the nominal ledger. Required: Prepare journal entries to correct each of the above errors. Narratives are not required. Open a suspense account and show the corrections to be made. 2.Before preparing his firms trading and income and expense account for the year ended 31 March 20X3, A Miller needs to make a number of adjustments. (a) Depreciate plant and machinery by $12,000. (b) A Miller has drawn out goods for his own use amounting to $220 of which there is no record in the books. (c) Rent accrued amounts to $400. (d) The account of carriage inwards includes $160 paid on the purchase of new machinery. (e) The allowance for receivables is to be increased by $3,500. Required: Prepare the journal entries necessary to implement the above adjustments. (Narratives are not required.) 1 The following items have been extracted from the trial balance of Cronos, a limited liability company, as at 30 September 2002: Reference to notes $ $ Opening inventory 186,400 Purchases 1,748,200 Carriage inwards