201.Annual depreciation on equipment, recorded on a monthly basis.
202.A contract to provide tutoring services beginning next month was signed.
Identify the effect (a - h) that omitting each of the following items would have on the balance sheet.
a.Assets and owner’s equity overstated
b.Assets and owner’s equity understated
c.Assets overstated and owner’s equity understated
d.Assets understated and owner’s equity overstated
e.Liabilities and owner’s equity overstated
f.Liabilities and owner’s equity understated
g.Liabilities overstated and owner’s equity understated
h.Liabilities understated and owner’s equity overstated
203.No adjustment was made for supplies used up during the month.
204.Wages are paid every Friday for the 5-day work week. The month ended on Monday and no adjustment wasrecorded.
205.Interest earned on a note receivable was not recorded.
206.Services provided to customers on the last day of the month were not billed.
207.An attorney has earned 1/2 of a retainer fee that was received and recorded last month. No adjustment wasrecorded for the amount earned.
208.Property taxes are paid annually. The estimated monthly amount for the taxes was not recorded.
209.Depreciation on equipment was not recorded.
210.A tenant paid 6 months' rent in advance when he moved in on the first day of the month. No entry was made onthe last day of the month.