Please explain one by one of the errors. 12 24 points...
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Accounting
Please explain one by one of the errors.
12 24 points Problem Indica column headings below, using the following code: O te the effec t of the following errors on each of the accounting elements described in the overstated; U understated ; NE = no effect Example: Received $500 cash Error Revenue Expense Net Income Assets Liabilities Capital for services rendered to a unecustomer, but recorded the NE NE transaction as $50. a) Recorded paying salary expense twice. b) Failed to record the adjusting entry to the Prepaid Rent account A debit posting to Cash and a credit posting to Accounts Receivable was omitted. NE 2 Ne d) Recorded collection of Accounts Receivable by debit to Cash and credit to Revenue
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