Effects of Errors on Financial Statements

Indicate the effect of each error, considered individually, on the income statement for the current year ended July $31.$ Also indicate the effect of each error on the July $31$ balance sheet.

Enter all amounts as positive numbers. Enter $"0"$ in those spaces where there is no overstatement or no understatement.

Error $($a$)$ The adjusting entry for unearned revenue earned during the year $($$$34,900)$ was omitted.

Revenue for the year would be

Expenses for the year would be

Net income for the year would be

Assets at July $31$ would be

Liabilities at July $31$ would be

Owner's equity at July $31$ would be

Error $($b$)$ The adjusting entry for accrued wages $($$$12,770)$ was omitted.

Revenue for the year would be

Expenses for the year would be

Net income for the year would be

Assets at July $31$ would be

Liabilities at July $31$ would be

Owner's equity at July $31$ would be