Question 3 (20 marks) KKH is a law consultancy firm. It usually updates its accounting records daily. The following events relate to the firm. Indicate the immediate effect of the following errors on each of the accounting elements described in the column heading below, using the following code: 0 = overstated U = understated NE = no effect Copy the boxes below before answering. Do not copy the questions. Error Example: Received $200 cash for services rendered to a customer, but recorded the transaction as $20 (a) KKH has provided consultancy service for a fee of $890 to a corporate client. The credit term was n/30. Nothing was recorded for this job done. The client also has not paid. (b) Bought a set of recording equipment for the firm's use. It was paid in cash $10,000 and recorded as DR Equipment Expense $10,000 and CR Cash $10,000. (c) Purchased stationery two months ago. It was recorded as DR Office Supplies $7,000 and CR Accounts Payable $7,000. Paid the supplier now. There was no entry for this payment of $7,000. (d) The owner of KKH took out $5,000 cash from the business to celebrate his wife's birthday. It was recorded as DR Birthday Expense $5,000 and CR Cash $5,000. (e) Two months ago, KKH has collected the full amount of $2,000 from a client for a legal case to be carried out later. This cash received was correctly recorded. Now KKH has done the job, but no accounting entry was made. Net Total Total Owner's Profit Assets Liability equity U U NE U