Bonita, Inc. provided the following budgeted information for March through July: March April May June July Projected sales $104300 $123300 $114500 $132100 $141700 Projected merchandise purchases $82300 $92500 $75200 $66700 $73100 Inventory at end of month $12000 $14000 $11000 $12600 $14200 Bonita estimates that it will collect 30% of its sales in the month of sale and 70% in the month after the sale. General operating expenses are budgeted to be $30900 per month of which depreciation is $3500 of this amount. Bonita pays operating expenses in the month incurred. The income tax rate is 20%. How much is budgeted net income for May

Tiana daniels enterprise’s trial balance as at december 31, 2016 did not balance. on february 15, 2017 the following errors were detected: errorsi. water rates had been undercast by $2, 000.  ii. a cheque paid to yvonne walch of $2, 680 had been posted to the credit side of her account.  iii. discount received total of $1, 260 had been posted to the debit side of the discount allowed account as $1, 620.  iv. rent paid in the amount of $24, 000 had been posted to the credit of the rent received account.  v. wayne returned goods valuing $1, 680 to daniels enterprise but had been completely omitted from the books.    required: 1. prepare the journal entries to correct the errors.  (narrations required)                    14.5 marks  2.    prepare the suspense account showing clearly the original trial balance error.          8 marks