NET Total Income assets Total liability Owners Equity Home Team Corporation recently hired Steve Willits as its bookkeeper. Mr. Willits is somewhat inexperienced and has made numerous errors recording daily business transactions. Indicate the effects of the errors described below on each of the financial statement elements shown in the column headings. Use the following symbols: O for overstated; U for understated, and NE for no effect. numerous errors recording daily business transactions ERROR:Recorded the issuance of capital stock by debiting Capital Stock and crediting Cash. ERROR Recorded the declaration and payment of a dividend by debiting Interest expenses and crediting Cash ERROR Recorded the payment of an account payable by debiting Cash and crediting Service revenue ERROR Recorded the collection of an outstanding account receivable by debiting Cash and crediting Accounts payable ERROR Recorded client bilings on account by dobiting Service revenue and crediting Cash ERROR Recorded the cash purchase of land by debiting Cash and crediting Land ERROR Recorded the purchase of a building on account by debiting Rent expense and crediting Capital stock