During routine checking of all journal entries prior to preparing year-end reports, Michael Bannister discovered several strange entries. He recalled that the president's son, Eric, had come in to help during an especially busy time and that Eric had recorded some journal entries. Michael was relieved that there was only a few of Eric's entries He is also relieved that Eric had included rather lengthy explanations. Eric recorded the entries below, along with explanations: Work in Process 45,000 Cash 45,000 (This transaction is for the purchase of materials, on account, to be used in the factory. These materials become a part of the product being manufacturing b. Payroll Expense 88,000 Payroll Payable 88,000 (This entry is for salaries paid to employee in the factory. Sixty percent of the workers are assembly-line workers. The remaining workers are maintenance and housekeeping. a. c. Manufacturing Overhead 270.000 Accrued Expenses 270,000 (This is the property tax and insurance paid on the headquarters building. Since this money was actually paid to outside entities, this is overhead for the company.) d. Insurance Expense 33,000 Prepaid Insurance 33,000 (This entry is for Rent expense on ALL building. About 1/3 the buildings house the administrative offices. The remainder of the buildings are factory) REQUIRED: a. Indicate how Eric SHOULD have recorded each of above transactions. b. For each transaction, indicate what accounts, financial statement(s), etc., were affected by the erroneous entry