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

question 39

Essay

Using the schedule 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.

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Definitions:

Payments

The transfer of money from one party to another in exchange for goods, services, or to fulfill a legal obligation.

Trade Balance

The difference in value between a country's imports and its exports over a certain period, indicating the balance of trade.

Current Account

The current account is a component of a country's balance of payments that includes the balance of trade, net primary income, and net income from abroad.

Capital Account

The capital account, in international economics, refers to part of a country's balance of payments that records all transactions involving the purchase or sale of assets.