You have completed an earlier internship (during August of 2017) at Knights Inc., the premier local landscaping service in Morgantown, WV. During that time, the owner asked you to perform certain book keeping services for the agribusiness. You had some limited accounting classes, and not wanting to seemm incompetent, you gave the book-keeping exercise your best shot. Not that you have had a little more accounting classes, please look back on the daily business transactions that you previously updated and analyze what effect your errors would have had on the financial statement of Knights Inc. Use the following letters to indicate the effect of your error - O-Overstate, U-Understated, and NE-No Effect. Net Income Assets Liabilities Equity Total TotalOwners' Error Recorded the purchase of office supplies on account by debiting Rent Expense and crediting Office Supplies. Recorded the payment of an outstanding dividend payable by debiting Dividends and crediting Cash. Recorded the collection of an outstanding account receivable by debiting Service Revenue and crediting Cash Recorded the issuance of capital stock by debiting Dividends and crediting Cash. Recorded the purchase of a building on account by debiting Cash and crediting Dividends Payable Recorded the cash purchase of land by debiting Supplies Expense and crediting Notes Payable. Recorded the payment of an account payable by debiting Cash and crediting Rent Expense