Given the schedule 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.(1) Recorded accrued salaries expense of $1,200 with a debit to Prepaid Salaries.(2) The bookkeeper forgot to record $2,700 of depreciation on office equipment.(3) Failed to accrue $300 of interest on a note receivable. Ex. Failed to recognize that $600 of unearned revenues, previously recorded as liabilities, had been earned by year-end.
Definitions:
Present Value Tables
A set of tables used to calculate the present value of an amount of money to be received in the future by taking into account a specific interest rate.
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