At the end of the fiscal year,the following adjusting entries were omitted:Assuming that financial statements are prepared before the errors are discovered,indicate the effect of each error,considered individually,by inserting the dollar amount in the appropriate spaces.Insert "0" if the error does not affect the item. Error
(a) Error
(b)Over- Under- Over- Under-stated stated stated stated
(1) Assets at Dec.31 would be $ $ $ $
(2) Liabilities at Dec.31 would be $ $ $ $
(3) Net income for the year would be $ $ $ $
(4) Owner's equity at Dec.31 would be $ $ $ $

Question

At the end of the fiscal year,the following adjusting entries were omitted:Assuming that financial statements are prepared before the errors are discovered,indicate the effect of each error,considered individually,by inserting the dollar amount in the appropriate spaces.Insert "0" if the error does not affect the item.  ​ Error 
(a) Error 
(b)Over- Under- Over- Under-stated stated stated stated​
(1) Assets at Dec.31 would be $ $ $ $​
(2) Liabilities at Dec.31 would be $ $ $ $​
(3) Net income for the year would be $ $ $ $​
(4) Owner's equity at Dec.31 would be $ $ $ $​

Quizplus · Accepted Answer

The Answer of At the end of the fiscal year,the following adjusting entries were omitted:Assuming that financial statements are prepared before the errors are discovered,indicate the effect of each error,considered individually,by inserting the dollar amount in the appropriate spaces.Insert "0" if the error does not affect the item.  ​ Error 
(a) Error 
(b)Over- Under- Over- Under-stated stated stated stated​
(1) Assets at Dec.31 would be $ $ $ $​
(2) Liabilities at Dec.31 would be $ $ $ $​
(3) Net income for the year would be $ $ $ $​
(4) Owner's equity at Dec.31 would be $ $ $ $​

At the End of the Fiscal Year,the Following Adjusting Entries