3 (A) GZW is a consultancy firm. It updates its accounts daily. Indicate the immediate effect of the following errors on each of the accounting elements described in the column headings below, using the following code: U NE overstated understated no effect Copy the boxes below before answering. Do not copy the questions. Error For Example: Received $500 cash for advice given to a customer but recorded the transaction as $50. (i) GZW bought an office equipment for $1,200 cash. It was wrongly recorded as $12,000. (ii) GZW paid for the salary expense for the month, $14,000 cash. It was wrongly recorded as D Electricity Expense $41,000 and Cr. Cash $41,000. (iii) The owner of GZW withdrew $1,000 cash for personal use. It was not recorded. The reason given was that the owner and the business were one and the same. (iv) A $7,000 consultancy work done in the last financial year was given a credit period of 60 days. Now, GZW received the $7,000. It was recorded as Dr. $7,000 Cash and Cr. $7,000 Revenue. (v) GZW bought $16,700 worth of office supplies for future use on credit term of 60 days. It was not recorded at all for this purchase. Net Total Total Owner's Profit Assets Liabilities Equity U NE U