Waec Model Questions Vol1 2019 Financial Accounting Question 10

Company XYZ prepared a trial balance that was balanced using a suspense account with a debit balance of ₦8,000. After the trial balance was issued, the following errors were discovered: 1. Sales were recorded as ₦150,000 instead of the correct ₦180,000. 2. Purchases of ₦45,000 were omitted from the trial balance. 3. Rent expense of ₦20,000 was posted to the credit side of the Rent Expense account. 4. A cash receipt of ₦12,000 from a customer was entered in the Sales ledger, but the corresponding cash account was not debited; the amount was placed in the suspense account. 5. An amount of ₦5,000 was incorrectly debited to Purchases Returns instead of Purchases. Assuming each error is corrected by the appropriate journal entry and the suspense account is used only to restore balance where needed, what will be the closing balance (state whether debit or credit and the amount) of the suspense account after all corrections?