ACCT1201 Question 3 On May 31, 2016 the following errors were discovered in the books of ABC Ltd. i. Office Furniture bought for $6,000 has been debited to Motor Vehicles account. ii. Goods $3,550 bought from Jane Whyte was credited to Joan White account. iii. A credit sale made to G. Grisham for $1,150 was completely overlooked in posting. iv. Goods sold $976 to Debbie Boot have been entered in error as $796 in all accounts. v. Equipment bought for $2,500 by cheque was debited to general expenses account. Required A. Show the journal entries needed to correct the errors. (Include a narration) (12 marks) B. Explain the terminology, "Errors that affect the trial balance." (2 marks) C. Formulate examples of errors in posting transactions for the following: i. error of complete reversal of entries ii. error of transposition iii. compensating error (6 marks) (Total 20 marks)