Question: PROBLEM 1: Identifying effects of common errors Requirement: Complete the schedule below by entering an 0 to indicate overstatement, a U to indicate understatement,

PROBLEM 1: Identifying effects of common errors Requirement: Complete the schedule below by entering an 0 to indicate overstatement, a U to indicate understatement, and NE if no effect. Effect of Error On: Net income Assets Liabilities Capital a. Ending inventory for 2020 understated: 2020 financial statements 2021 financial statements b. Ending inventory for 2021 overstated: 2020 financial statements 2021 financial statements c. Failed to record depreciation in 2020: 2020 financial statements 2021 financial statements d. Failed to record accrued salaries payable in 2020: 2020 financial statements 2021 financial statements e. Overstatement of accrued rent revenue in 2020: 2020 financial statements 2021 financial statements f. Failed to record a liability resulting from revenue collected in advance at end of 2020; instead, credited revenue in full erroneously: 2020 financial statements 2021 financial statements g. Failed to record an asset resulting from expenses paid in advance at end of 2020; instead, debited expenses in full erroneously: 2020 financial statements 2021 financial statements CS Scanned with CamScanner =

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