Using the Following Table Indicate the Impact of the Following

question 10

Essay

Using the following table 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:
$\begin{array}{|l|l|l|l|l|l|l|}\hline&\text { Error }&\text { Revenues }&\text { Expenses }&\text { Assets }&\text { Liabilities }&\text { Equity }\\\hline\text { Ex. } & \begin{array}{l}\text { Did not record depreciation for this } \\\text { period }\end{array} & 0 & - & + & 0 & + \\\hline 1 . & \text { Did not record unpaid utility bill } & & & & & \\\hline 2 . & \begin{array}{l}\text { Did not adjust unearned revenue } \\\text { account for revenue earned this } \\\text { period. }\end{array} & & & & & \\\hline 3 . & \begin{array}{l}\text { Did not adjust office supplies for } \\\text { supplies used this period. }\end{array} & & & & & \\\hline 4 . & \begin{array}{l}\text { Did not accrue employees wages } \\\text { for this period. }\end{array} & & & & & \\\hline \text { 5. } & \begin{array}{l}\text { Recorded rent expense with a debit } \\\text { to salary expense and a credit to } \\\text { rent payable. }\end{array} & & & & &\\\hline\end{array}$

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Definitions:

Materials Handling

The process of handling, safeguarding, storing, and managing materials and goods all through the stages of production, warehousing, distribution, usage, and discarding.

Direct Labor-Hours

The total hours of labor directly involved in producing goods, often used as a basis for allocating overhead in cost accounting.

Overhead Cost

Refers to ongoing operational expenses that cannot be directly attributed to a specific product or production activity, such as office expenses, rent, and administrative salaries.

Activity-Based Costing

A costing methodology that assigns costs to products or services based on the activities they require for production.