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

question 128

Essay

Given the schedule 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.
(1)Recorded accrued salaries expense of $1,200 with a debit to Prepaid Salaries.
(2)The bookkeeper forgot to record $2,700 of depreciation on office equipment.
(3)Failed to accrue $300 of interest on a note receivable.
Ex.Failed to recognize that $600 of unearned revenues,previously recorded as liabilities,had been earned by year-end.

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Definitions:

Jab

A quick, sharp punch, often used in boxing or as a metaphor for a pointed remark or criticism.

Modified Comparative Negligence

A legal principle that reduces the amount of damages that a plaintiff can recover based on the percentage of fault attributed to that plaintiff.

Fault Percentage

The proportion of blame assigned to each party involved in an accident or legal dispute, affecting liability and compensation calculations.

Damages

Financial compensation awarded to a party in a lawsuit for loss or injury caused by the actions of another.