During the current accounting period, Page Company makes the following errors. The company uses a perpetual inventory system.

Required:
Indicate the effect of each error on the net income, total assets, total liabilities, and total shareholders€™ equity at the end of the accounting period by using the following code: O5 overstated, U5 understated, N5 no effect. Disregard income taxes.

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Total Total Assets Net Total Equity Example: Failed to record a cash sale: 1. The purchase of equipment for cash is recorded as a debit to Equipment and a credit to Accounts Payable 2. Failed to record the purchase of inventory on credit. 3. Cash received from a customer in payment of its occount is recorded as if the receipt were for a 4. Failed to record a credit sale. 5. At the end of the year, the receiptof money froma 60day, 12% bank loan is recorded as a debit to Cash and a credit to Sales Revenue. 6. Failed to record depreciation at the end of the current