Below are three independent and unrelated errors.

On December $31,2023,$ Wolfe$-$Bache Corporation failed to accrue salaries expense of $$1,500.$ In January $2024,$ when it paid

employees for the December $27-$January $2$ workweek, Wolfe$-$Bache made the following entry:

On the last day of $2023,$ Midwest Importers received a $$84,000$ 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 $$7,400$ 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.

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Required $1$

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