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The Mac Company failed to report these Journal Entries Accured revenue $40 Expiration of Prepaid Insurance $30 Determine the net effects of these errors on

The Mac Company failed to report these Journal Entries

Accured revenue $40

Expiration of Prepaid Insurance $30

Determine the net effects of these errors on the following items. Indicate the dollar amount of the errand the direction of the error (example $15 overstated $12 Understated or no effect

1 Net Income

2 Total Liabilities

3 Total Assets

4 Retained Earnings.

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