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2. A trial balance for the year ended 31 March 2020 was prepared for Chloe's business. All sales by the company are made at a gross profit of 40% on sales. It's company's policy to depreciate all non-current assets at 10% on cost. The following errors were found in Chloe's books before the preparation of closing entries: (i) A credit note of $2,200 has been sent on 31 March 2020. No entry has been made. (ii) Paid insurance of $13,200 for one year to 30 June 2020 by cheque. Monthly insurance charges have been increased by 20% since 1 January 2020 . The account record the whole amount in insurance account and cash at bank account respectively. (iii) Sold goods of $5,000 on credit. 10% trade discount was allowed. The gross amount has been recorded in sales journal and posted to ledger accordingly. (iv) A trade debtor whose debt of $6,000 were written off on 22 August 2019 paid back 75% of his account balance in cash. The accountant was wrongly recorded it as a cash sales. (v) Chloe withdraw goods with selling price of $9,000 for personal use. No entry has been made. (vi) Rental revenue received in arrears of $6,200 was wrongly recorded as rental revenue received in advance. (vii) Withdrew $4,200 cash from business bank account for business use. The accountant wrongly recorded as $2,400. (viii) Trade discounts of $110 received from a supplier was wrongly recorded as cash discount. (ix) A contra entry of $350 in debtors and creditors account has been wrongly recorded as $530. (x) Chloe paid rental expenses of $15,000 by issuing her personal cheque. 1/3 for this amount were paid for the rent of the warehouse of her business. No entry has been made for this transaction. (xi) A cheque of $1,600 paid to the staff of her business as salaries has been returned by the bank due to wrong signature. No entry has been made for the returned cheque. (xii) Cash purchases of machinery of $6,000 on 1 July 2019 has been recorded as cash purchases. (xiii) A cheque of $2,850 has been sent to a creditor to settle the outstanding owing to him. 5% cash discount has been given by the creditor. However, the gross amount has been recorded in cash book and posted to ledger accordingly. (xiv) A piece of office equipment was purchased on 1 October 2019. $4,000 annual maintenance fee and $2,000 installation cost for the above office equipment has been debited to office equipment account. (xv) Goods costing $9,000 has been sent to customer on sales or return basis. The accountant recorded it as a credit sales. As at 31 March 2020,75% of theses were not yet accepted by the customer. Required Prepare the necessary journal entries to correct the above errors. Narrations are not required. (23 marks)

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