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USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT TWO QUESTIONS Given the following errors for the Washington Company: Overstated Understated NS Sales Discounts NS Sales COGS Beginning Inventory Nl Interest Expense COGS Ending Inventory COGS Purchase Discounts w On 7. Net sales will be: Sales Discount overstated 5, Net Sales understated 5 Sales understated 4, Net Sales understated 4 Net Sales understated 9 a. Overstated $9 b. Understated $1 c. Overstated $1 d. Overstated $3 e. Understated $9 8. Cost of goods sold will be in error by what amount? a. $15 b. $18 C. $12 d. $16 e. $2 +(A) l overstated 8, El understated 7, PD overstated 3, CGS overstated 8 CGS overstated 7 CGS understated 3 CGS overstated 12 9. A bookkeeper recorded the cash purchase of prepaid insurance with this journal entry: D Credit Insurance Expense. What is the effect of the error on Total Expenses and Total Ass a. Overstated, Overstated b. Understated, Understated C. Overstated, Understated d. Understated, Overstated DID: Prepaid insurance A1 Insurance expensee) Insurance expense was decreased erroneously; therefo are understated