The Unadjusted Trial Balance Lists Supplies with a $1,078 Balance

question 122

Multiple Choice

The unadjusted trial balance lists Supplies with a $1,078 balance. After taking an inventory of supplies, it was found that $590 were on hand. The adjustment to Supplies Expense is a:

• A)$590 debit.
• B)$590 credit.
• C)$488 debit.
• D)$488 credit.

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Definitions:

Fundamental Attribution Error

is the cognitive bias that leads individuals to attribute others' actions to their character or personality while underestimating situational influences.

Actor-Observer Effect

A psychological tendency to attribute one’s own actions to external factors while attributing others’ actions to their internal characteristics.

Self-Serving Bias

The common human tendency to attribute positive events to their own character but attribute negative events to external factors.

Personal Experience

An individual’s direct observation or participation in events, forming the basis for knowledge, attitudes, or beliefs.