Rattin Services has an inexperienced bookkeeper. During the year end process of preparing adjusting journal entries, the following events and transactions occurred.

1.No adjustment was made to the prepaid insurance account because the renewal date was early in January of the next fiscal year.

2.No depreciation was recorded on a truck because it had been purchased in the middle of the year.

3.No adjustment was made to the supplies account. All purchases are recorded to the supplies account.

4.No adjustment had been made to recognize that some of the unearned revenue has been earned by the end of the fiscal year.

Using the table below, indicate the effects on financial statement elements for each of these errors made during the adjusting entry portion of the accounting cycle. If an event is not an error, or if an element is not affected, enter NE for no effect. Indicate an overstatement with OVER and an understatement with UNDER. If an element has both an overstatement and an understatement, choose OVER/UNDER.

Item Revenues Expenses Profit Assets Liabilities Owner's Equity