a.On December 31, 2021, Healthy Foods failed to accrue electricity expenses of $2,900. InJanuary 2022, when it received the bill from DEWA, it passed the entry debiting theexpenses and crediting cash

b. At the end of 2021, Chowking Company failed to accrue interest of $9,500 on a notereceivable. At the beginning of 2022, when the company received the cash, it was recordedas interest revenue. (5 marks) Required:For each error:1. What would be the effect of each error on the statement of profit or loss and the statement offinancial position in the 2021 financial statements?2. Prepare any journal entries each company should record in 2022 to correct the errors.