7. Home Tearn Corporation recently hired Hussain Mujtaba as a new accountant. Mr. Mujtaba is somewhat inexperienced and has made numerous errors recording daily business transactions, Indicate the effects of the errors described below on each of the financial statement elements shown in the column headings. Use the following symbols: O for overstated U for understated, and NE for no effect. (18) NOTE: Incomplete and half correct answer will be considered as wrong Error Net Income Total Assets Total Owner's Liabilities Equity Recorded the issuance of capital stock by debiting Capital Stock and crediting Service Revenue Recorded the declaration and payment of a dividend by debiting Capital Stock and crediting Cash Recorded the payment of an account payable by debiting Cash and crediting Rent Expense Recorded the collection of an outstanding account receivable by debiting Cash and crediting Service Revenue Recorded client billings on account by debiting Accounts Receivable and crediting Advertising Expense Recorded the cash purchase of land by debiting Supplies Expense and crediting Notes Payable Recorded the purchase of a building on account by debiting Cash and crediting Dividends Payable Recorded the payment of salaries payable by debiting Salaries Expense and crediting Salaries Payable Recorded the purchase of office supplies on account by debiting Rent Expense and crediting Office Supplies