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.
$\begin{array}{|c|c|c|c|c|c|}\hline \text { Error } & \text { Revenues } & \text { Expenses } & \text { Assets } & \text { Liabilites } & \text { Equity } \\\hline \text { Ex. } & -\$ 600 & 0 & 0 & \$ 600 & -\$ 600 \\\hline 1 . & & & & & \\\hline 2 . & & & & & \\\hline 3 . & & & & & \\\hline\end{array}$

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Definitions:

GDP

Gross Domestic Product is the total market value of all final goods and services produced within a country in a given period of time.

Real GDP per Person

A measure of a country's economic output that accounts for its number of people, adjusting for inflation to reflect the true purchasing power per individual.

Expenditure

The action of spending funds or an amount of money spent.

Income

Funds that are earned, frequently on a consistent schedule, from labor or investing activities.