Using the Table Below, Indicate the Impact of the Following

question 182

Essay

Using the table below, indicate the impact of the following errors made during the adjusting entry process. Use a "+" for overstatements, a "-" for understatements, and a "0" for no effect. The first one is provided as an example.
$\begin{array} { | c | l | l | l | c | c | c | } \hline &{ \text { Error } } & \text { Revenues } & \text { Expenses } & \text { Assets } & \text { Liabilities } & \text { Equity } \\\hline \text { Ex. } & \begin{array} { l } \text { Did not record depreciation } \\\text { for this period }\end{array} & 0 & - & + & 0 & + \\\hline 1 . & \begin{array} { l } \text { Did not record unpaid } \\\text { telephone bill }\end{array} & & & & & \\\hline 2 . & \begin{array} { l } \text { Did not adjust unearned } \\\text { revenue account for revenue } \\\text { earned this period. }\end{array} & & & & & \\\hline 3 . & \begin{array} { l } \text { Did not adjust shop supplies } \\\text { for supplies used this period }\end{array} & & & & & \\\hline 4 . & \begin{array} { l } \text { Did not accrue employee } \\\text { salaries for this period }\end{array} & & & & & \\\hline\end{array}$
$$\begin{array} { | l | l | l | l | l | l | } \hline 5 . & \begin{array} { l } \text { Recorded rent expense owed } \\\text { with a debit to insurance } \\\text { expense and a credit to rent } \\\text { payable }\end{array} & & & & \\\hline\end{array}$$

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Definitions:

Empowering Leadership

A leadership approach that aims to give employees autonomy, resources, and information to make decisions and solve problems independently.

Motivate With Rewards

is a strategy that involves the use of incentives or rewards to encourage and increase desired behaviors or performance.

Technical Task

A task that requires specialized knowledge or expertise, often related to a specific field or discipline.

General Direction

The broad, overarching path or course that an individual or organization intends to follow to achieve their goals or objectives.