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How would the following errors affect the account balances

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Reference no: EM13481876

How would the following errors affect the account balances and the basic accounting equation, Assets = Liabilities + Owners' Equity?
How do the misstatements affect income?


 Assets Liabilities Owners' Equity Income
a. The purchase of a truck is recorded as an expense instead of an asset.        
b. A cash payment on accounts receivable is received but not recorded.        
c. Fictitious sales on account are recorded.        
d. A clerk misreads a handwritten invoice for repairs and records it as $1,500 instead of $1,800.        
e. Payment is received on December 31 for the next three months' rent and is recorded as revenue.

Reference no: EM13481876

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