Consider the following statements regarding a trial balance and identify which are TRUE and which are FALSE: Statement A: A trial balance is used as a summary of the balances on some of the accounts in the general ledger. Statement B: A trial balance contains debit and credit balances. The total of the debit balances should equal the total of the credit balances. Statement C: A trial balance highlights all errors made when posting transactions to the general ledger. Statement D: A trial balance only contains balances that will be used to prepare the statement of financial position.

A business maintains its trade payables in a general ledger control account and a separate memorandum payables ledger. On extracting a trial balance, a suspense account was opened with a credit balance of $1,400. The following errors were then discovered: 1. The purchase day book was undercast by $500. 2. A credit note received from a supplier for $150 was correctly entered in the purchase returns day book but was posted to the debit side of the supplier's memorandum account and the debit side of the trade payables control account. 3. A cash payment of $750 to a supplier was correctly recorded in the cash book but omitted from the payables control account. What is the revised balance on the suspense account?

Based on Jacob's ledger balances (Purchases: $85,000, Sales: $160,000, Irrecoverable debts: $12,000, Discounts received: $8,000, Purchase returns: $13,000, Sales returns: $16,000, Sales tax owed: $8,000, Trade receivables: $15,000, Trade payables: $10,000), which of the following option combinations is correct? 1. Sales and sales tax owed would both be credit balances. 2. Discounts received and sales returns would both be debit balances. 3. Purchases and trade receivables would both be debit balances. 4. Trade payables and irrecoverable debts would both be credit balances.