Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer 28-32 28. At year end, a physical count of office supplies reveals that $7,000 of ou plies were used up but no adjusting
please answer 28-32
28. At year end, a physical count of office supplies reveals that $7,000 of ou plies were used up but no adjusting entry was made to account for thie If this error is found, it will most likely be because ... a. the trial balance would be out of balance by $7,000 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 29. If the omission in question 28 is found before the 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 30. The type of error given in question 28 is known as a. a deferral error b. an accrual error c. a prior period error d. none of the above 31. OutCo failed to record depreciation on certain machinery for 20X1. This error a. affects the income statement only b. affects the balance sheet only c. affects both the income statement and the balance sheet d. affects neither the income statement nor the balance sheet 32. Preventing or discovering accounting errors requires knowing and using a. double-entry bookkeeping b. internal controls c. inspection of the trial balance d. all of the above Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started