indicate the effects understated overstated or no effect that each of these transact 3732662

/in /by

Indicate the effects (understated, overstated, or no effect)that each of these transactions will have on the total assets,total liabilities and total shareholders’ equity on the statementof financial position and total revenues, total expenses, andprofit in the income statement for the month of January.

Income Statement Total Expenses Statement of Financial Position (A=L+SE) Total Liabilities Shareholders Equity Error Total Revenue Net Profit Total Assets (a) Made a payment for general repairs to the building but mistakenly debited the Buildings (asset) account Recorded the collection of an account receivable by debiting Cash and crediting a revenue account (b) (c) Correctly recorded revenue earned on account, however, the accounting supervisor did not realize that you have already recorded the transaction and recorded it again No Effect Understated Overstated (d) Recorded the purchase of a new truck as a debit to Truck Expense and a credit to Cash (e) Recorded cash payment for utilities by debiting Repairs Expense and crediting Accounts Payable

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