I. Using the following table, indicate the effect of the following errors of omission on the financialstatement classifications listed. If as a result of the omission a classification is overstated, place a (+) inthe appropriate space. An understatement is to be indicated by a (-). If the omission has no effect onthe classification, place a (0) in the appropriate cell. .a. Payment for repairs erroneously debited to Building account.b. Recorded collection of an account receivable by debiting Cash and creditingrevenueасcount.c. Depreciation for the month was omitted.d. Recorded twice an acquisition of office equipment on account.e. Rendered services for cash but made no record of the transaction.Effect of OmissionClassificationab.eRevenuesExpensesTotal AssetsTotal LiabilitiesOwner's Equity

Name: I. Using the following table, indicate the effect of the following er
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Description: I. Using the following table, indicate the effect of the following errors of omission on the financialstatement classifications listed. If as a result of the omission a classification is overstated, place a (+) inthe appropriate space. An understate

Answered: roneously debited to Building of an…

Business

Accounting

roneously debited to Building of an account receivable by nonth was omitted. quisition of office equipment or r cash but made no record of th

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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