Primo Landscaping commenced its business on January 1,2014.On December 31,2014,Primo Landscaping did not record any adjusting entries with respect to the following transactions:
a.During the first year of its operations,Primo purchased supplies in the amount of $10,000 (debited to "Supplies expense"),and of this amount,$3,000 were unused as of December 31,2014.
b.On March 15,2014 Primo received $18,000 for landscape maintenance services to be rendered for 24 months (beginning July 1,2014).This amount was credited to "Landscaping revenue."
c.The company's fuel bill for $1,500 for the month of December 2014 was not received until January 15,2015.
d.The company borrowed $100,000 from First Bank on April 1,2014 at an interest rate of 12% per year.The principal,along with all of the interest,is due on March 30,2015.
e.On January 17,2014 the company purchased a backhoe for $65,000.The backhoe is expected to last for 10,000 hours and have no salvage value.During 2014,Primo operated the backhoe for 500 hours.
Required:
Complete the table below,showing the effect of the omission of each year-end adjusting entry on assets,liabilities,and net income.Use "OS" for overstated,"US" for understated,and "NE" for no effect.

Question

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The Answer of Primo Landscaping commenced its business on January 1,2014.On December 31,2014,Primo Landscaping did not record any adjusting entries with respect to the following transactions:
a.During the first year of its operations,Primo purchased supplies in the amount of $10,000 (debited to "Supplies expense"),and of this amount,$3,000 were unused as of December 31,2014.
b.On March 15,2014 Primo received $18,000 for landscape maintenance services to be rendered for 24 months (beginning July 1,2014).This amount was credited to "Landscaping revenue."
c.The company's fuel bill for $1,500 for the month of December 2014 was not received until January 15,2015.
d.The company borrowed $100,000 from First Bank on April 1,2014 at an interest rate of 12% per year.The principal,along with all of the interest,is due on March 30,2015.
e.On January 17,2014 the company purchased a backhoe for $65,000.The backhoe is expected to last for 10,000 hours and have no salvage value.During 2014,Primo operated the backhoe for 500 hours.
Required:
Complete the table below,showing the effect of the omission of each year-end adjusting entry on assets,liabilities,and net income.Use "OS" for overstated,"US" for understated,and "NE" for no effect.

Primo Landscaping Commenced Its Business on January 1,2014