Neco Model Questions Vol1 2017 Financial Accounting Question 30

The ledger balances of ABC Co. as at 31 December 2020 are (all figures in \(\text{₦}\)): Cash - debit \(\text{₦}85,000\); Purchases - debit \(\text{₦}45,000\); Capital - credit \(\text{₦}130,000\). The following journal entries were recorded during the year:\n\n1. 1 Jan - Owner invested cash \(\text{₦}100,000\). Debit Cash \(\text{₦}100,000\); Credit Capital \(\text{₦}100,000\).\n2. 5 Jan - Purchased inventory on credit \(\text{₦}30,000\). Debit Purchases \(\text{₦}30,000\); Credit Accounts Payable \(\text{₦}30,000\).\n3. 10 Jan - Paid cash for rent \(\text{₦}5,000\). Debit Rent Expense \(\text{₦}5,000\); Credit Cash \(\text{₦}5,000\).\n4. 15 Jan - Sold goods for cash \(\text{₦}50,000\) (cost of goods sold \(\text{₦}30,000\)). Debit Cash \(\text{₦}50,000\); Credit Sales \(\text{₦}50,000\). Debit Cost of Goods Sold \(\text{₦}30,000\); Credit Inventory \(\text{₦}30,000\).\n\nNo other transactions were recorded. However, the ledger balances shown above do not reconcile with the journal entries. Determine the missing journal entry (date, accounts and amounts) that would bring the ledger balances into agreement.