Neco 2022 Financial Accounting Question 50

The following journal entries were recorded in June:\n\n1. Debit Purchases \(\text{₦}250,000\); Credit Accounts Payable \(\text{₦}250,000\).\n2. Debit Salaries Expense \(\text{₦}45,000\); Credit Cash \(\text{₦}45,000\).\n3. Debit Cash \(\text{₦}80,000\); Credit Sales Revenue \(\text{₦}80,000\).\n4. Debit Accounts Receivable \(\text{₦}60,000\); Credit Sales Revenue \(\text{₦}60,000\).\n5. Debit Cash \(\text{₦}30,000\); Credit Accounts Receivable \(\text{₦}30,000\).\n\nAfter posting, the trial balance shows (debit side first):\n\n- Purchases \(\text{₦}250,000\)\n- Salaries Expense \(\text{₦}45,000\)\n- Cash \(\text{₦}?\)\n- Accounts Receivable \(\text{₦}?\)\n- Sales Revenue Credit \(\text{₦}140,000\)\n- Accounts Payable Credit \(\text{₦}250,000\)\n\nIt is later discovered that the Salaries Expense entry should have been \(\text{₦}50,000\) instead of \(\text{₦}45,000\). Assuming all other entries are correct, determine the corrected cash balance and the corrected accounts receivable balance that will make the trial balance balance.