Given the following list of errors,determine the effect on assets,liabilities,and shareholders' equity by completing the chart below.Use (+)to indicate overstated,(-)to indicate understated,and (0)to indicate no effect.Transaction (a)is completed as an example.
a.The entry to record the purchase of $800 of equipment on account was never posted.
b.The entry to record the purchase of $100 of supplies for cash was posted as a debit to Supplies and a credit to Accounts Payable.
c.A $1,000 debit to Cash was posted as $100.
d.A $400 debit to the Accounts Payable account was never posted.
e.A debit to Accounts Receivable of $500 was posted as a credit to Accounts Receivable.
b.
c.
d.
e.

Question

Given the following list of errors,determine the effect on assets,liabilities,and shareholders' equity by completing the chart below.Use (+)to indicate overstated,(-)to indicate understated,and (0)to indicate no effect.Transaction (a)is completed as an example.
a.The entry to record the purchase of $800 of equipment on account was never posted.
b.The entry to record the purchase of $100 of supplies for cash was posted as a debit to Supplies and a credit to Accounts Payable.
c.A $1,000 debit to Cash was posted as $100.
d.A $400 debit to the Accounts Payable account was never posted.
e.A debit to Accounts Receivable of $500 was posted as a credit to Accounts Receivable.
  b.
c.
d.
e.

Quizplus · Accepted Answer

The Answer of Given the following list of errors,determine the effect on assets,liabilities,and shareholders' equity by completing the chart below.Use (+)to indicate overstated,(-)to indicate understated,and (0)to indicate no effect.Transaction (a)is completed as an example.
a.The entry to record the purchase of $800 of equipment on account was never posted.
b.The entry to record the purchase of $100 of supplies for cash was posted as a debit to Supplies and a credit to Accounts Payable.
c.A $1,000 debit to Cash was posted as $100.
d.A $400 debit to the Accounts Payable account was never posted.
e.A debit to Accounts Receivable of $500 was posted as a credit to Accounts Receivable.
  b.
c.
d.
e.

Given the Following List of Errors,determine the Effect on Assets,liabilities,and