At the end of the fiscal year, the following adjusting entries were omitted:

(a) No adjusting entry was made to transfer the $3,000 of prepaid insurance from the asset account to the expense account.

(b) No adjusting entry was made to record accrued fees of $500 for services provided to customers.

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.

(1) (2) (3) (4) Assets at December 31 would be Liabilities at Dec. 31 would be Net income for the year would be Retained earnings at Dec. 31 would be $ 69 Over- stated Error (a) $ $ $ GA $ Under- stated $ $ GA Error (b) Over- stated $ $ GA $ Under- stated