Below are three Independent and unrelated errors. a. On December 31, 2023, Wolfe-Bache Corporation falled to...

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Below are three Independent and unrelated errors. a. On December 31, 2023, Wolfe-Bache Corporation falled to accrue salaries expense of $1,700. In January 2024, when it paid employees for the December 27-January 2 workweek, Wolfe-Bache made the following entry: General Journal Salaries expense Cash Debit Credit 1,700 1,700 b. On the last day of 2023, Midwest Importers received a $88,000 prepayment from a tenant for 2024 rent of a building. Midwest recorded the receipt as rent revenue. The error was discovered midway through 2024. c. At the end of 2023, Dinkins-Lowery Corporation failed to accrue Interest of $7,800 on a note receivable. At the beginning of 2024. when the company received the cash, it was recorded as interest revenue. Required: For each error: 1. What would be the effect of each error on the Income statement and the balance sheet in the 2023 financial statements? 2. Prepare any journal entries each company should record in 2024 to correct the errors. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What would be the effect of each error on the income statement and the balance sheet in the 2023 financial statements? Error a Income Statement: Balance Sheet: Error b Income Statement: Balance Sheet: Error c Income Statement: Balance Sheet: Required 1 Required 2 Prepare any journal entries each company should record in 2024 to correct the errors. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < A B C Record correction of salaries expense error. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet A B C Record correction of rent received in advance. Note: Enter debits before credits. Transaction b General Journal Debit Credit Journal entry worksheet < A B Record correction of interest revenue on note receivable. Note: Enter debits before credits. Transaction General Journal Debit Credit Below are three Independent and unrelated errors. a. On December 31, 2023, Wolfe-Bache Corporation falled to accrue salaries expense of $1,700. In January 2024, when it paid employees for the December 27-January 2 workweek, Wolfe-Bache made the following entry: General Journal Salaries expense Cash Debit Credit 1,700 1,700 b. On the last day of 2023, Midwest Importers received a $88,000 prepayment from a tenant for 2024 rent of a building. Midwest recorded the receipt as rent revenue. The error was discovered midway through 2024. c. At the end of 2023, Dinkins-Lowery Corporation failed to accrue Interest of $7,800 on a note receivable. At the beginning of 2024. when the company received the cash, it was recorded as interest revenue. Required: For each error: 1. What would be the effect of each error on the Income statement and the balance sheet in the 2023 financial statements? 2. Prepare any journal entries each company should record in 2024 to correct the errors. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What would be the effect of each error on the income statement and the balance sheet in the 2023 financial statements? Error a Income Statement: Balance Sheet: Error b Income Statement: Balance Sheet: Error c Income Statement: Balance Sheet: Required 1 Required 2 Prepare any journal entries each company should record in 2024 to correct the errors. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < A B C Record correction of salaries expense error. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet A B C Record correction of rent received in advance. Note: Enter debits before credits. Transaction b General Journal Debit Credit Journal entry worksheet < A B Record correction of interest revenue on note receivable. Note: Enter debits before credits. Transaction General Journal Debit Credit