Solved

A $130 Credit to Supplies Was Credited to Fees Earned

Question 61

Multiple Choice

A $130 credit to Supplies was credited to Fees Earned by mistake. By what amounts are the accounts under- or overstated as a result of this error?


A) Supplies, understated $130; Fees Earned, overstated $130.
B) Supplies, overstated $130; Fees Earned, understated $130.
C) Supplies, overstated $130; Fees Earned, overstated $130.
D) Supplies, understated $260; Fees Earned, overstated $130.
E) Supplies, overstated $260; Fees Earned, understated $130.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions