The Mace Company fails to record these Journal Entries:

Accrued Revenue: $40

Expiration of Prepaid Insurance: $30

Determine the net effect of these errors on the following items. Indicate the dollar amount of the error and the direction of the error. (Example: $17 overstated, or $12 understated, or NO ERROR)

1) Net Income $_______________

2) Total Assets $_______________

3) Total Liabilities $_______________

4) Retained Earnings $_______________

5) Total Equity $_______________

6) Working Capital $_______________

Please Explain in excel