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Using the following table, indicate the effect of the ten omitted adjusting entries on the financial statement classifications listed. As a result of the omission;
Using the following table, indicate the effect of the ten omitted adjusting entries on the financial statement classifications listed. As a result of the omission; if a classification is overstated, write + in the appropriate cell, if a classification is understated, write in the appropriate cell; and write 0 if it has no effect in the classification. - Effect of Ommission Classification 1 2 3 4 5 6 7 8 9 10 Revenues Expenses Profit Assets Liabilities Owner's Equity 1. Purchased in cash of Furniture and Fixtures was not recorded. 2. Purchased of Vehicle on account was not recorded. 3. Collection of Accounts Receivable was recorded as debit to Cash and credit to Service Fees 4. Payment for Repairs and Maintenance was debited to Building account. 5. Deposit for long term lease contract was recorded as Expense-Rent. 6. Rent for the month was not recorded. 7. Recorded twice an acquisition of equipment. 8. Recorded cash payment for Advertising by debiting Expense-Supplies and crediting Cash. 9. Received Cash for services rendered but made no record of the transaction. 10 Collection of Accounts Receivable as debit to Cash and credit to Unearned Income
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