Please fix my answers Home Team Corporation recently hired Steve Willits as its bookkeeper....
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Accounting
Please fix my answers
Home Team Corporation recently hired Steve Willits as its bookkeeper. Mr. Willits is somewhat inexperienced and has made numerous errors recording daily business transactions. Indicate the effects of the errors described as follows on each of the financial statement elements shown in the column headings. Use the following symbols: O for overstated, U for understated, and NE for no effect. Answer is complete but not entirely correct. Error Owners' Equity NE XU X NE Recorded the issuance of capital stock by debiting Capital Stock and crediting Cash. Recorded the declaration and payment of a dividend by debiting Interest Expense and crediting Cash. Recorded the payment of an account payable by debiting Cash and crediting Service Revenue. Recorded the collection of an outstanding account receivable by debiting Cash and crediting Accounts Payable. Recorded client billings on account by debiting Service Revenue and crediting Cash. Recorded the cash purchase of land by debiting Cash and crediting Land. Recorded the purchase of a building on account by debiting Rent Expense and crediting Capital Stock. Net Income Total Assets Total Liabilities NE oo NE U U NE NE U U NE oo ONE NE U U NE O NE NE oo oo NE NE NE NE
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