In early 2014, while reviewing Huffman Inc.'s 2013 financial records, the accountant discovered several errors. For each of the following errors, indicate the effect on net income (i.e., understatement, overstatement, or no effect) for both 2013 and 2014, assuming that no correction had been made and the company uses a periodic system for inventory.

(a) Certain items of ending inventory were accidentally not counted at the end of 2013.

(b) Machinery was sold in May 2013, but the company continued to deduct depreciation for the remainder of 2013, although the asset was removed from the books in May.

(c) The 2013 year-end purchases of inventory were not recorded until the beginning of 2014, although the inventory was correctly counted at the end of 2013.

(d) Goods sold on account in 2013 were not recorded as sales until 2014.

(e) Insurance costs incurred but unpaid in 2013 were not recorded until paid in 2014.

(f) Interest revenue in 2013 was not recorded until 2014.

(g) The 2013 year-end purchases were not recorded until the beginning of 2014. The inventory associated with these purchases was omitted from the ending inventory count in 2013.

(h) A check for January 2014 rent was received and recorded as revenue at the end of 2013.

(i) Interest accrued in 2013 on a note payable was not recorded until it was paid in 2014.