Nimo, Inc. had the following independent and unrelated errors during 2020:

a. On Dec. 31, 2020, the company failed to accrue interest expense of $1200 on a note payable. Instead, it accrued the interest when it paid the creditor during 2021.

b. On Dec. 31, 2020, Nimo, Inc. prepaid $14,400 of rent for the next year (Jan. through Dec. 2021). At this time, the company debited rent expense and credited cash.

c. Nimo, Inc. failed to accrue $950 of interest revenue on a note receivable, instead they recorded it as revenue when the interest was collected in 2021.

Please list how these errors affect the 2020 income statement and balance sheet (Ignore taxes if applicable).

Error a Income Statement: Balance Sheet:

Error b Income Statement: Balance Sheet:

Error c Income Statement: Balance Sheet:

Please list how these errors affect the 2021 income statement and balance sheet (Ignore taxes if applicable).

Error a Income Statement: Balance Sheet:

Error b Income Statement: Balance Sheet:

Error c Income Statement: Balance Sheet: