Given the table below, indicate the impact of the following errors made during the adjusting entry process. Use a "+" followed by the amount for overstatements, a "-" followed by the amount for understatements, and a "0" for no effect. The first one is done as an example.Ex. Failed to recognize that $600 of unearned revenues, previously recorded as liabilities, had been earned by year-end.1. Failed to accrue interest expense of $200.2. Forgot to record $7,700 of depreciation on machinery.3. Failed to accrue $1,300 of revenue earned but not collected. Error  Revenues   Expenses  Assets   Liabilities  EquityEX-$60000+$600-$6001. ________ ________ ________ ________ ________2. ________ ________ ________ ________ ________3. ________ ________ ________ ________

________

What will be an ideal response?



ErrorRevenuesExpensesAssetsLiabilitiesEquity?
1.0-$2000-$200+$200?
2.0-$7,700+$7,7000+$7,700?
3.-$1,3000-$1,3000-$ 1,300?

Business

You might also like to view...

An activity is a basic unit of work performed within an organization

Indicate whether the statement is true or false

Business

One of the Corporate Social Responsibility (CSR) initiatives by IKEA's primary carpet supplier in India is to provide good working conditions for children working in the India's carpet industry

Indicate whether the statement is true or false

Business

Gary, Louise, and Brian, who own competing gas stations in town, happen to see each other at a restaurant one morning and have breakfast together. While talking, they decide to set their gas prices at the same amount. They have committed an illegal act only if the agreed price is unfair to consumers.

Answer the following statement true (T) or false (F)

Business

A lock is automatically released when the user issues a transaction control statement such as COMMIT or ROLLBACK. _________________________

Indicate whether the statement is true or false

Business