Examlex

Solved

Given the Table Below,indicate the Impact of the Following Errors

question 318

Essay

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. 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.


Definitions:

Related Questions