Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 19 Aug 2017 My Price 9.00

Stephen Corporation

Stephen Corporation recently hired Tom Waters as its new bookkeeper. Waters is very inexperi- enced and has made seven recording errors during the last accounting period. The nature of each error is described in the following table.

 

Instructions

Indicate the effect of the following errors on each of the financial statement elements described in the column headings in the table. Use the following symbols: O    overstated, U    understated, and NE     no effect

 

Total                 Total                 Net              Total               Total                          Owners’

Error                                          Revenue         Expenses         Income         Assets         Liabilities                                                   Equity

 

a. Recorded a declared but unpaid dividend by debiting dividends and crediting cash.

 

 

 

 

 

 

b. Recorded a receipt of an account receivable as a debit to cash and a credit to fees earned.

 

 

 

 

 

 

c.    Recorded depreciation expense twice.

 

 

 

 

 

 

d.    Recorded the sale of capital stock as

a debit to cash and a credit to revenue.

 

 

 

 

 

 

e. Purchased equipment and debited supplies expense and credited cash.

 

 

 

 

 

 

f. Failed to record expired portion of prepaid advertising.

 

 

 

 

 

 

g. Failed to record accrued and unpaid interest expense.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 04:08 PM My Price 9.00

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