Determining the Effects of Omissions

Determining the Effects of Omissions Adjusting the Accounts | 223 NAME: SECTION: SCORE: PROFESSOR: Problem #14 Using the following table, indicate the effect of the following errors of omission on the financial statement classifications listed. If as a result of the omission a classification is overstated, place a (+) in the appropriate space. An understatement is to be indicated by a (-). If the omission has no effect on the classification, place a (o) in the appropriate space. Classification Effect of Omission d e b f 8 Revenues Expenses Profit Total Assets Total Liabilities Owner's Equity a. Payment for repairs erroneously debited to Building account. b. Recorded collection of an account receivable by debiting Cash and crediting a revenue account. C Depreciation for the month was omitted. d. Recorded twice an acquisition of office equipment on account. e. Recorded the acquisition office equipment for cash as a debit to Office Equipment and a credit to Depreciation Expense. . Recorded cash payment for advertising by debiting Repairs Expense and crediting Cash 8. Rendered services for cash but made no record of the transaction