Neco Model Questions Vol1 2018 Financial Accounting Question 49

The trial balance of LMN Enterprises (in naira) is as follows: Cash \(45,000\) Dr, Bank \(20,000\) Dr, Accounts Receivable \(30,000\) Dr, Supplies \(5,000\) Dr, Equipment \(80,000\) Dr, Accumulated Depreciation Equipment \(25,000\) Cr, Accounts Payable \(15,000\) Cr, Capital \(100,000\) Cr, Drawings \(10,000\) Dr, Revenue \(70,000\) Cr, Rent Expense \(12,000\) Dr, Suspense Account \(3,000\) Dr. The trial balance does not balance because the credit side exceeds the debit side. The following errors have been identified: (1) a purchase of supplies for \(\text{₦}2,000\) was recorded as a credit to Supplies instead of a debit; (2) a cash sale of \(\text{₦}4,000\) was omitted; (3) a payment of \(\text{₦}1,000\) to a creditor was recorded twice (once as a credit to Accounts Payable and once as a debit to Bank). After correcting all errors, what amount should be transferred from the suspense account to bring the trial balance into balance?