was 0 Question 7 6 pts Listed below are two separate independent situations that resulted in an error in applying accou principles or applications. For each situation, indicate the effect of the error on the various elements of the current year's financial statements. Use the following letters to indicate the effect. Be sure to use the exact notation O, U, or NE in your answers as the grading key is looking for an exact match. - Overstatement U-Understatement NE - No Effect The accountant failed to accrue the interest on a note payable. This would cause assets to be liabilities to be equity to be revenue to be costs and expenses to be and net income to be The accountant failed to amortize the premium on the company's bonds payable. This would cause assets to be liabilities to be equity to be revenue to be costs and expenses to be and net income to be Question 8 20 pts Using the following possible account titles, for each of the below described transactions indicate in the space provided the account that would be debited and credited to read the transactions Recond your awers by inserting the letter of the Presen 2 5