Question: On December 3 1 , 2 0 1 7 , Milwaukee Co . failed to accrue office supplies expense of $ 1 , 8 0

On December 31,2017, Milwaukee Co. failed to accrue office supplies expense of $1,800. In January 2018, when it received the bill from its supplier, Milwaukee made the following entry:Office supplies expenseCash1,8001,800b. On the last day of 2017, Brewer Inc. received a $90,000 prepayment from a tenant for 2018 rent of a building. Brewer recorded the receipt as rent revenuec. At the end of 2017, Yelich Co. failed to accrue interest of $8,000 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?
On December 3 1 , 2 0 1 7 , Milwaukee Co . failed

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