Homework Answers
Phone expense is to be treated as revenue expense which will be shown in debit side of income statement. However, this has been posted to office equipment instead.
Impact on Income statement
The expense is underapplied by $ 1000. That means the net profit in the income statement will overapplied by $ 1000 than what it should be.
Impact on Balance sheet
The balances on both the side will naturally increase by $1000 as net profit will be added to retained earnings which is overstated due to error. On the other hand, the cost has been debited to office equipment where the impact would be the value of office statement will also be overstated by $ 1000.
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