hi, please help me with the following question. for each item indicate the effect and the amount of the error which is understated, overstated or has no effect on the income statement and the balance sheet, these accounts include #1 personal rent cheque of $1000, was debited to rent expense and credited to cash. #2 cash payment from a customer for $750 was debited to accounts receivable and credited to cash as $570, #3 an accurul of interest income of $600 was recorded as a credit to interest payable and a debit to interest receivable #4 the purchase if six months; of office supply $1800 was recorded as a debit to supply expense and credited to account payable, #5 payments to account payable of $500 was recorded as debit to cash and credit to account payable. #6 a prepayment of $450 for services to be rendered was debited to service revenue and credited to unearned revenue in the amount of $540, #7 depreciation expense of $800 for the period was not recorded.#8 a customer was billed for #400 of services rendered. unearned revenue was debited and service revenue was credited. $9 a one year insurance policy was purchased for $2400 and was debited to insurance expense and credited to cash #10 salaries payable of #1000 was not recorded.

the format that the accounts should be prepared in the following way are:

income statement

item revenue expense profit

balance sheet

asset liability owners equity

# b correct each error by reversing the original error and record the correct entry. Thanks, this is very helpful.