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Senior Living Care (SLC) provides day care services for the elderly. Several errors were identified in the books of SLC. Indicate the immediate effect of
Senior Living Care (SLC) provides day care services for the elderly. Several errors were identified in the books of SLC. Indicate the immediate effect of the following errors on each of the accounting elements described in the headings below. 0 = overstated U = understated NE = no effect (Copy the boxes below before answering) (No need to copy the question) Error Net Profit Total Assets Total Liability Owner's equity U U NE U Example: Received RM200 cash for services rendered to a customer, but recorded the transaction as RM20 (1) SLC has not yet recorded the salaries expense for the month. It was due but unpaid. (ii) SLC purchased five medical beds on account at RM2,400 each. The next day, returned one malfunctioned bed. A credit note for RM2,400 was received immediately. It was wrongly recorded as Debit Medical Beds and Credit Account payable. (iii) An invoice was sent to a client for RM1,234 for the services provided. It was wrongly credited to the Loan payable account (iv) SLC bought and received caregiving supplies for RM5,678. It is to be used in the following month. The terms on the invoice were 2/5, n/30. No entry has been made. (v) The cost of caregiving services provided for an elderly aunty of the owner of SLC was RM2,222. The owner agreed to absorb it. However, it was recorded as an expense, in error
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