Chapter 20 0 Sunt 5 Below are three independent and unrelated errors 10 a. On December 31, 2020, Wolfe-Bache Corporation failed to accrue salaries expense of $2.000. In January 2021 when it paid employees for the December 27-January 2 workweek. Wolfe Bache made the following entry sales penes H 2.000 6. On the last day of 2020. Midwest importers received a $94000 prepayment from a tenant for 2021 rent of a building Midwest recorded the receipt as rent revenue. The error was discovered midway through 2021 c. At the end of 2020, Dinkins Lowery Corporation failed to accrue interest of $8.400 on a note receivable. At the beginning of 2021 when the company received the cash, it was recorded as interest revenue. Required: For each error 1. What would be the effect of each entor on the income statement and the balance sheet in the 2020 financial Statements 2. Prepare any journentes each company should record in 202 to correct the errors Complete this question by entering your answers in the tabs below. Required Required 2 MC Se Checkwo 5 Required: For each error: 1. What would be the effect of each error on the income statement and the balance sheet in the 2020 financial statements? 2. Prepare any journal entries each company should record in 2021 to correct the errors. Complete this question by entering your answers in the tabs below. Box Hint Anne Terences Required Required 2 What would be the effect of each error on the income statement and the balance sheet in the 2020 financial statements? Error a Income Statement: Balance Sheet Error Income Statement Balance Sheet Expenses understated Expenses overstated Revenue understated Revenue overstated Error Income Statement Balance Sheet Required 2 > Chapter 20 Help See & El S Checker 07 Required: For each error 1. What would be the effect of each error on the income statement and the balance sheet in the 2020 financim statements? 2. Prepare any journal entries each company should record in 2021 to correct the errors 10 Complete this question by entering your answers in the tabs below. Required Required 2 What would be the effect of each error on the income statement and the balance sheet in the 2020 financial statements? Emore Income Same Bata Sheet Error Income Statement Balance Sheet Retained earnings understated Retained earnings overstated Errore Income Stament Balance She Required 2 > 5 Required 1 Required 2 Prepare any journal entries each company should record in 2021 to correct the errors. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ts View transaction list Book Hint Journal entry worksheet B C Print forences Record correction of salaries expense error. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general lournal 5 Required 1 Required 2 Prepare any journal entries each company should record in 2021 to correct the errors. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) oints View transaction llet Book Hint Journal entry worksheet B Print References Record correction of rent received in advance. Note: Enter debits before credits Debit Credit General Journal Transaction b View general Journal Clear entry Record entry 5 of 7 MC Chapter 20 Saved 5 Required 1 Required 2 Prepare any journal entries each company should record in 2021 to correct the errors. (If no entry is required for a tra select "No journal entry required" in the first account held.) 10 points View transaction list BOOK Journal entry worksheet Hint Print A B References Record correction of interest revenue on note receivable. Note: Enter debits before credits Debit General Journal Transaction Credit Record entry Clear entry View general lournal HE Nov