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Joe Company purchased supplies inventory for $5,000. Due to an error in posting, the inventory account was debited for only $500 when accounts payable was
Joe Company purchased supplies inventory for $5,000. Due to an error in posting, the inventory account was debited for only $500 when accounts payable was credited for $5,000. During which phase of the accounting cycle would this error be first discovered?
a Analysis of each transaction
b recording transaction in the journal
c preparation of the closing entries
d preparation of the trial balance
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