Indicate the effect of the following errors on each of the accounting elements described in the column headings. Code your answer using the following: A = Overstated B = Understated C = No Effect Total Expenses (Includin Total g Cost of Total Revenu Goods Net Total Liabilitie Owners' Error e Sold) Income Assets S Equity Example. Recorded payment for rent as a debit to Salaries Expense. C C C C C C 1. The following entry was made at year- 23. end to record the current year's depreciation on a building: Debit: Depreciation Expense Credit: Building 2. The ending inventory at 12/31/90 was 29. understated. What is the effect of this error on the 1991 financial statements? Assume that there were no other errors and that the accounting year ends on December 31st of each year. 24. C 25. 26. 27. CC 28. < 30. 31. 32. 33 33. 34.