Ajournal entry for a $220 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $500 and a credit to Cash for $220. Which of the following statements correctly states the effect of the erroron the trial balance?O A. The sum of the credits will exceed the sum of the debits by $280.O B. The sum of the debits will exceed the sum of the credits by $220.O C. The sum of the debits will exceed the sum of the credits by $500,O D. The sum of the debits will exceed the sum of the credits by $280.

Journal entries recording is the first step of accounting process. Under this, atleast one account…

Ajournal entry for a $220 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $500 and a credit to Cash for $220. Which of the following statements correctly states the effect of the erro on the trial balance? O A. The sum of the credits will exceed the sum of the debits by $280. O B. The sum of the debits will exceed the sum of the credits by $220. O C. The sum of the debits will exceed the sum of the credits by $500. O D. The sum of the debits will exceed the sum of the credits by $280.

Ajournal entry for a $220 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $500 and a credit to Cash for $220. Which of the following statements correctly states the effect of the erro on the trial balance? O A. The sum of the credits will exceed the sum of the debits by $280. O B. The sum of the debits will exceed the sum of the credits by $220. O C. The sum of the debits will exceed the sum of the credits by $500. O D. The sum of the debits will exceed the sum of the credits by $280.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ajournal entry for a $220 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $500 and a credit to Cash for $220. Which of the following statements correctly states the effect of the error
on the trial balance?
O A. The sum of the credits will exceed the sum of the debits by $280.
O B. The sum of the debits will exceed the sum of the credits by $220.
O C. The sum of the debits will exceed the sum of the credits by $500,
O D. The sum of the debits will exceed the sum of the credits by $280.

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