Identify which type of accounting error and also write down its definition 1. Trade receivable is overstated by $1000 and Trade payable is overstated by $1000.
2. Cash Sales of $5000 is omitted from the accounting record.
3. Discount allowed of $500 has been debited to discount received account
4. Rent expenses paid by cash is credited to Rent and debited to cash
5. A sales invoice for $700 is posted to the sales journal as $760