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Top Gurove (TG) is a transport agnecy. It updates its accounts daily. Indicate the immediate effect of the following errors on each of the accounting
Top Gurove (TG) is a transport agnecy. It updates its accounts daily. Indicate the immediate effect of the following errors on each of the accounting elements described in the column headings below, using the following codes: o U NE overstated understated no effect Net Profit Error Total Total Owner's Assets Liabilities Equity For Example: Received $100 cash for advice given to a customer but recorded the transaction as $50. " U U NE U (1) TG acquired office supplies worth RM3,200 on account. The amount recorded was RM2,300. (ii) TG received an invoice of RM5,000 for an advertisement released recently and no payment was made. However, it was recorded as... Dr Advertising expense; Cr Cash at Bank (iii) The owner brought in his personal vehicle worth RM12,345 for business use. It was not recorded at all. (iv) TG purchased office equipment of RM4,798 three months ago. It was correctly recorded. It is now paid and recorded as... Dr Office equipment; Cr Cash at bank (v) TG paid handling charges of RM1,000 for delivering the owner's children's books to London. It was recorded as... Dr Handling expenses, Cr Cash at bank
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