Identify the effect that omitting each of the following items would have on the balance sheet All Interest earned on a note receivable was not recorded.
Assets and stockholders' equity overstated
Depreciation on equipment was not recorded.
Assets understated and stockholders' equity overstated No adjustment was made for supplies used up during the month
Assets overstated and stockholders' equity
An attorney has earned 1/2 of a retainer fee that was received and recorded last month.
No adjustment was recorded for the amount earned.
Assets and stockholders' equity understated
Property taxes are paid annually.
The estimated monthly amount for the taxes was not recorded.
Liabilities and stockholders equity understated
Supplies used up during the month.
Stockholders' equity understated
An attorney has earned 1/2 of a retainer fee that was received and recorded last month.
No adjustment was recorded for the amount earned
Assets and stockholders' equity understated
Property taxes are paid annually.
The estimated monthly amount for the taxes was not recorded.
Liabilities and stockholders equity understated Wages are paid every Friday for the 5-day work week.
The month ended on Monday and no adjustment was recorded.
Liabilities and stockholders' equity overstated
Liabilities overstated and Services provided to customers on the last day of the month were not billed stockholders' equity understated
A tenant paid 6 months' rent in advance when he moved ir on the first day of the month.
No entry was made on the last day of the month
Liabilities understated and stockholders' equity overstated

All Interest earned on a note receivable was not recorded.

Effect: Assets and stockholders' equity overstated

Explanation:  An omitting of interest earned on a note receivable will result to an understatement of assets and stockholders’ equity

Depreciation on equipment was not recorded.

Effect: Assets understated and stockholders' equity overstated

Explanation: An omitting of depreciation on equipment will result to an overstatement of assets and stockholders’ equity

No adjustment was made for supplies used up during the month

Effect: Assets overstated and stockholders' equity

Explanation:  An omitting of supplies adjustment will result to an overstatement of assets and stockholders’ equity

An attorney has earned 1/2 of a retainer fee that was received and recorded last month.  No adjustment was recorded for the amount earned.

Effect: Assets and stockholders' equity understated

Explanation: An omitting of retainer fee adjustment will result to an overstated liabilities and understated stockholders’ equity

Property taxes are paid annually.  The estimated monthly amount for the taxes was not recorded.

Effect: Liabilities and stockholders equity understated

Explanation: An omitting of property tax adjustment entry will result to an understated liabilities and overstated stockholders’ equity

Wages are paid every Friday for the 5-day work week.  The month ended on Monday and no adjustment was recorded.

Effect: Liabilities and stockholders' equity overstated

Explanation: An omitting of outstanding wages adjustment entry will result to an understated liabilities and overstated stockholders’ equity.

Services provided to customers on the last day of the month were not billed

Effect: Asset and stockholders' equity understated

Explanation: An omitting for bill of services provided to customers on the last day of the month will result to an understatement of assets and stockholders’ equity

A tenant paid 6 months' rent in advance when he moved in on the first day of the month.  No entry was made on the last day of the month

Effect: Liabilities understated and stockholders' equity overstated

Explanation:  An omitting of prepaid rent adjustment entry will result to an overstated liabilities and understated stockholders’ equity

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