Homework answers / question archive / Determine the impact of the following independent accounting errors on total assets, total liabilities, total equity, and net income Accounting error Total Assets Total Liabilities Total Equity Net Income Depreciation of $2,500 was recorded as $5,200 Purchase of supplies on account for 3,000 was recorded as debit supplies 3000 and credit cash 3000 in advance payment of $2,000 rent, was recorded as rent expense $200 to cash $200 The purchase of $5,000 inventory for cash was not recorded The accountant recorded the annual depreciation of $5,000 as follow: Debit Depreciation Expense $50,000 and credit Equipment $50,000 The company incurred wages with an amount of $3,000 that were not recorded

Determine the impact of the following independent accounting errors on total assets, total liabilities, total equity, and net income Accounting error Total Assets Total Liabilities Total Equity Net Income Depreciation of $2,500 was recorded as $5,200 Purchase of supplies on account for 3,000 was recorded as debit supplies 3000 and credit cash 3000 in advance payment of $2,000 rent, was recorded as rent expense $200 to cash $200 The purchase of $5,000 inventory for cash was not recorded The accountant recorded the annual depreciation of $5,000 as follow: Debit Depreciation Expense $50,000 and credit Equipment $50,000 The company incurred wages with an amount of $3,000 that were not recorded

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Determine the impact of the following independent accounting errors on total assets, total liabilities, total equity, and net income Accounting error Total Assets Total Liabilities Total Equity Net Income Depreciation of $2,500 was recorded as $5,200 Purchase of supplies on account for 3,000 was recorded as debit supplies 3000 and credit cash 3000 in advance payment of $2,000 rent, was recorded as rent expense $200 to cash $200 The purchase of $5,000 inventory for cash was not recorded The accountant recorded the annual depreciation of $5,000 as follow: Debit Depreciation Expense $50,000 and credit Equipment $50,000 The company incurred wages with an amount of $3,000 that were not recorded.