X sold Y goods on credit with a list price of $\$ 5000$. When X prepared the invoice, he forgot to give Y 10% trade discount.
What was the effect of this error in X’s books of account?
1 A suspense account with a credit balance of $\$ 500$ was opened.
2 A suspense account with a debit balance of $\$ 500$ was opened.
3 Assets were overstated by $\$ 500$.
4 Assets were understated by $\$ 500$.
1 )
1 and 3
2 )
2 and 4
3 only
4 )
4 only
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