hows your responses and what was correct and incorrect from your attempt. Award
ID: 2415554 • Letter: H
Question
hows your responses and what was correct and incorrect from your attempt. Award 7.50 out of 15.00 points on recently hired Steve Willits as its bookkooper. Mr. Wilits is somewhat Home Team inexperienced and has made numerous errors r daily business transactions Indicate the effects of the errors the column headings. Use the following symbols: O for overstated, U for understated, and NE for no effect Recorded the issuance of capital stock by debiting Capital Stock and crediting Cash NE Cash X NE NE NE Recorded the payment of an account payable by debiting Cash and o to debiting Cash and crediting Accounts Payable. NE X NE X NE NE Recorded the cash purchase of land by debiting Cash and crediting u X NE Espene ane cucking at yeig NE X NE X NE X NE S,Explanation / Answer
1. Net income - NE
Total Asset - U
Total liability (excluding owners equity) - NE
Owners equity - U
2. Net income - U
Total asset - NE
Total liability (excluding owners equity) - NE
Owners equity - O
3. Net income - O
Total asset - O
Total liability -O
Total owners equity - NE
4. NI - NE
TA - O
TL - O
OE - NE
4. NI - U
TA - U
TL - NE
OE - NE
6. All no effect - entry should be reversed. In net total asset will not get effected. Entry should be debit land and credit cash/nak
7. NI - U
TA - U
TL - NE
OE - O
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