QUESTION 3 (12 marks) At the end of the financial year, the company had found the following errors: (a) Received $500 cash for services rendered to a customer, but recorded the transaction as $50. (b) Failed to record depreciation expense for the period. (c) Recorded payment of an account payable by a credit to cash and debit to an expense account (d) Failed to accrue interest earned on investments during the period. Required: Describe the immediate effect of the above errors on each of the accounting elements described in the column headings below, using the following code: 0 Overstated U-Understated NE-No Effect Profit Transaction Number Total Revenue Total Expenses (ii) Total Assets (iv) Total Liabilities (v) Total Equity (vi) (iii) (a) (b)