Exercise 20-23 Error correction; three errors [LO20-6] Below are three independent and unnelated errors. a. On December 31, 2015, Wolfe-Bache Corporation failed to accrue office supplies expense of $1,950 In January 2016, when it received the bil from its supplier, Wolfe-Bache made the following entry Office supplies expense 1,950 Cash 1,950 b.On the last day of 2015, Midwest Importers received a $93,000 prepayment from a tenant for 2016 rent of a building. Midwest recorded the receipt as rent revenue ?.Atthe end of 2015. Dinkinstwery Corporation failed to accrue interest of $8,300 on a note receivable. At the beginning of 2016, 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 2015 financial statements? Income Statement Balance Sheet Income Statement Balance Sheet Income Statement Balance Sheet 2. Prepare any jounal entries each company should record in 2016 to correct the errors. (If no entry is required for a transaction event, select "No journal entry required" in the first account field.) Journal entry worksheet Record correction of office supplies error Note: Enter debits before credes