1. (12 pts) Indicate the impact that each of the following errors or omissions would...
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Accounting
1. (12 pts) Indicate the impact that each of the following errors or omissions would have on a company's revenues, expenses, income, assets, liabilities and equity. Place the symbols U for Understate, O for Overstate or NE for No Effect, in the appropriate box. Be sure to place an answer in every box. a. Failed to accrue expenses incurred by company but unpaid at year end b. Understated prepaid rent at year end c. Overestimated the useful life of equipment d. Failed to accrue rent revenue earned but not yet paid at year end e. Failed to adjust supplies inventory for supplies used at year end f. Recorded cash received in payment of accounts receivable with a debit to cash and a credit to sales
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