Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello

Exercise 31

Stephen Corporation recently hired Torn Waters as its new bookkeeper. Waters is very inexperienced and has made six 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.