Originally Posted by
saba999
At year end, a physical count of office supplies reveals that $7000 of supplies were used up but no adjusting entry was made to account for this.If this error is found, it will most likely be because
a. the trial balance would be out of balance by $7000
b. the trial balance would be out of balance by $14,000
c. the trial balance would be out of balance by $3,500
d. none of the above
If the omission in above question is found before books are closed, the adjusting entry to correct the error will include....
a. a debit to office supplies expense
b. a credit to office supplies expense
c. a debit to inventory
d. none of the above
what type of error is this deferral error, an accrual error, or a prior period error?
