The following errors were made in the accounting records of Gagnon Corp. in 2013 and were not

Question:

The following errors were made in the accounting records of Gagnon Corp. in 2013 and were not discovered until 2014.
a. Management revenue of $3,750 earned in 2013 was not recorded until it was collected in 2014.
b. One year of Amortization Expense, $4,200, was recorded instead of three- quarters of the amount.
c. A deposit of $4,000 for Management Service to be delivered in 2014 was recorded as Management Revenue in 2013.
d One-year insurance premium of $3,300 for 2014 was recorded as Insurance Expense for 2013 when it was paid.
e. Half of the unearned revenue of $4,500 was earned in 2013, but was not recorded.
Requirements
For each of the independent errors in parts (a) through (e), identify the net effect on assets, liabilities, shareholders€™ equity, and net income for 2013 and 2014. Show understatements by €œU,€ overstatements by €œO,€ and no effect by "NE,€ and identify their amounts.