Exercise 20-23 Error correction; three errors [LO20-6] Below are three independent and unrelated errors. a. On December 31, 2017, Wolfe-Bache Corporation failed to accrue office supplies expense of $2.200. In January 2018, when it received the bill from its supplier, Wolfe-Bache made the following entry nt Office supplies expense 2,200 Cash 2,200 nces b. On the last day of 2017, Midwest Importers received a $98,000 prepayment from a tenant for 2018 rent of a building Midwest recorded the receipt as rent revenue. c. At the end of 2017, Dinkins-Lowery Corporation failed to accrue interest of $8,800 on a note receivable. At the beginning of 2018, 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 2017 financial statements? 2. Prepare any journal entries each company should record in 2018 to correct the errors. 13 Complete this question by entering your answers in the tabs below. Required 1 Required 2 eBook What would be the effect of each error on the incone statement and the balance sheet in the 2017 financial statements? Hint Ask Print eferences Income statement Balance Sheet Income Statement Balance Sheet Error c ncome Statement Balance Sheet Required 2 > 13 Journal entry worksheet 2 eBook Hint Ask Record correction of office supplies error Print Note: Enter debits before credits References Debit Credit Record entry Clear entry View general journal