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

question 128

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 salaries expense of $1,200.
2.Forgot to record $2,700 of depreciation on office equipment.
3.Failed to accrue $300 of interest on a note receivable.
$\begin{array}{|c|c|c|c|c|c|}\hline \text { Error } & \text { Revenues } & \text { Expenses } & \text { Assets } & \text { Liabilites } & \text { Equity } \\\hline \text { Ex. } & -\$ 600 & 0 & 0 & \$ 600 & -\$ 600 \\\hline 1 . & & & & & \\\hline 2 . & & & & & \\\hline 3 . & & & & & \\\hline\end{array}$

---

Definitions:

Prices Double

A situation where the price level of goods or services increases by 100 percent, leading to potential adjustments in consumer behavior and market dynamics.

Income Triples

A scenario in which an individual's or household's income increases to three times its original amount.

Slope Of Budget Line

The rate at which a consumer can trade one good for another while maintaining the same level of utility.

Price Of Good 1

The amount of money required to purchase a specific good or service, referred to as "Good 1."