If the entry (1) was not corrected, which financial statements (income statement or balance sheet) would be affected? What balances would be overstated or understated?

If the entry (2) was not corrected, which financial statements (income statement or balance sheet) would be affected? What balances would be overstated or understated?

If the entry (3) was not corrected, which financial statements (income statement or balance sheet) would be affected? What balances would be overstated or understated?

If the entry (4) was not corrected, which financial statements (income statement or balance sheet) would be affected? What balances would be overstated or understated

These are the notes of my professor. He does not want any additional information.

In the course of routine checking of all journal entries prior to preparing year-end reports, Betty Eller discovered several strange entries. She recalled that the president's son Joe had come in to help out during an especially busy time and that he had recorded some journal entries. She was relieved that there were only a few of his entries, and even more relieved that he had included rather lengthy explanations. The entries Joe made were: (1) Work in Process Inventory 25.000 Cash 25,000 (This is for materials put into process. I don't find the record that we paid for these, so I'm crediting Cash because I know we'll have to pay for them sooner or later.) (2) Manufacturing Overhead 12.000 Cash 12,000 (This is for bonuses paid to salespeople. I know they're part of overhead, and I can't find an account called "Non-Factory Overhead" or "Other Overhead" so I'm putting it in Manufacturing Overhead. I have the checkstubs, so I know we paid these.) (3) Wages Expense 120,000 Cash 120.000 (This is for the factory workers' wages. I have a note that employer payroll taxes are $18.000. I still think that's part of wages expense and that we'll have to pay it all in cash sooner or later, so I credited Cash for the wages and the taxes.) (4) Work in Process Inventory 3,000 Raw Materials Inventory 3,000 (This is for the glue used in the factory. I know we used this to make the products, even though we didn't use very much on any one of the products. I got it out of inventory, so I credited an inventory account) Palto no passed. 1. The original incorrect entry only affects Inventory and Cash. Payroll taxes and Wages are not associated with this entry. 2. You did not specify which accounts are impacted on which financial statement per the assignment requirements. You lumped them all together as "Income Statement/Balance Sheet". As stated in the previous grading feedback: Here is an example of the format (no extra information) that I would like you to follow for your responses: Balance Sheet Cash = Overstated Inventory (raw materials) = Understated 3. You did not specify which accounts are impacted on which financial statement per the assignment requirements. You lumped them all together as "Income Statement/Balance Sheet". As stated in the previous grading feedback: Here is an example of the format (no extra information) that I would like you to follow for your responses Balance Sheet Cash = Overstated Inventory (raw materials) = Understated Liabilities is a type of account, not an actual account itself. Taxes are a type of account, not an actual account itself. There are income taxes, payroll taxes, sales and use tax, property tax, etc. As stated in the previous grading feedback, when payroll is processed there are 4 accounts used. For factory wages, they are: Wages Expense, Factory Wages Payable, Employer Tax Expense, and Employer Taxes Payable. You did not discuss all four of them individually. As stated in the previous grading feedback, factory wages are OH (i.e. a product cost) and is not separately reported on the financial statements. What accounts are impacted on the financial statements when product costs are recorded incorrectly (hint: COGS and closing process of temporary accounts on the I/S to the B/S)? I specifically discuss this in the recorded video lecture posted in the course announcements and covered in Chapter 4 of the text in GB518. 4. You did not specify which accounts are impacted on which financial statement per the assignment requirements. You lumped them all together as "Income Statement/Balance Sheet". As stated in the previous grading feedback: Here is an example of the format (no extra information) that I would like you to follow for your responses: Balance Sheet Cash = Overstated Inventory (raw materials) = Understated As stated in the previous grading feedback, OH is a product cost and is not separately reported on the financial statements, What accounts are impacted on the financial statements when product costs are recorded incorrectly (hint: COGS and closing process of temporary accounts on the I/S to the B/S)? | specifically discuss this in the recorded video lecture posted in the course announcements and covered in Chapter 4 of the text in GB518. As stated in the previous grading feedback, Inventory is reported at the aggregate amount of RM. WIP, FG. The errors offset in this entry and do not affect Inventory on the B/S. Assume the units in WIP were sold (i.e. impacting COGS)