Question: A journal entry for a $ 5 0 0 payment for Prepaid Rent was erroneously recorded as a debit to Prepaid Rent for $ 7

A journal entry for a $500 payment for Prepaid Rent was erroneously recorded as a debit to Prepaid Rent for $700 and a credit to Cash for $500. Which of the following statements correctly states the effect of the error on the trial balance?
A. The sum of the debits will exceed the sum of the credits by $1,200.
B. The sum of the credits will exceed the sum of the debits by $700.
C. The sum of the debits will exceed the sum of the credits by $500.
D. The sum of the debits will exceed the sum of the credits by $200.
A journal entry for a $ 5 0 0 payment for Prepaid

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