Solved

Using the Following Table Indicate the Impact of the Following

Question 10

Essay

Using the following table indicate the impact of the following errors made during the adjusting entry process.Use a "+" for overstatements,a "-" for understatements and a "0" for no effect.The first one is provided as an example:
 Error  Revenues  Expenses  Assets  Liabilities  Equity  Ex.  Did not record depreciation for this  period 0+0+1. Did not record unpaid utility bill 2. Did not adjust unearned revenue  account for revenue earned this  period. 3. Did not adjust office supplies for  supplies used this period. 4. Did not accrue employees wages  for this period.  5.  Recorded rent expense with a debit  to salary expense and a credit to  rent payable. \begin{array}{|l|l|l|l|l|l|l|}\hline&\text { Error }&\text { Revenues }&\text { Expenses }&\text { Assets }&\text { Liabilities }&\text { Equity }\\\hline\text { Ex. } & \begin{array}{l}\text { Did not record depreciation for this } \\\text { period }\end{array} & 0 & - & + & 0 & + \\\hline 1 . & \text { Did not record unpaid utility bill } & & & & & \\\hline 2 . & \begin{array}{l}\text { Did not adjust unearned revenue } \\\text { account for revenue earned this } \\\text { period. }\end{array} & & & & & \\\hline 3 . & \begin{array}{l}\text { Did not adjust office supplies for } \\\text { supplies used this period. }\end{array} & & & & & \\\hline 4 . & \begin{array}{l}\text { Did not accrue employees wages } \\\text { for this period. }\end{array} & & & & & \\\hline \text { 5. } & \begin{array}{l}\text { Recorded rent expense with a debit } \\\text { to salary expense and a credit to } \\\text { rent payable. }\end{array} & & & & &\\\hline\end{array}

Correct Answer:

verifed

Verified

None...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions