Below are three independent and unrelated errors.

On December $31,2023,$ Wolfe$-$Bache Corporation failed to accrue salaries expense of $$1,600.$ In January $2024,$ when it paid employees for the December $27-$January $2$ workweek, Wolfe$-$Bache made the following entry:

$\backslash$table$[[$General Journal,Debit,Credit$],[\backslash$table$[[$Salaries expense$],[$Cash$]],1,600,1,600]]$

On the last day of $2023,$ Midwest Importers received a $$86,000$ prepayment from a tenant for $2024$ rent of a building. Midwest recorded the receipt as rent revenue. The error was discovered midway through $2024.$

At the end of $2023,$ Dinkins$-$Lowery Corporation failed to accrue interest of $$7,600$ 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:

What would be the effect of each error on the income statement and the balance sheet in the $2023$ financial statements?

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.

What would be the effect of each error on the income statement and the balance sheet in the $2023$ financial statements?

$\backslash$table$[[$Error a$,,],[$Income Statement:,,$],[$Balance Sheet:,,$],[$Error b$,,],[$Income Statement:,,$]]$