Multiple Choice
A journal 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?
A) The sum of the credits will exceed the sum of the debits by $280.
B) The sum of the debits will exceed the sum of the credits by $220.
C) The sum of the debits will exceed the sum of the credits by $280.
D) The sum of the debits will exceed the sum of the credits by $500.
Correct Answer:
Verified
Correct Answer:
Verified
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