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Please help with all parts, thanks! Below are three independent and unrelated errors. a. On December 31, 2020, Wolfe-Bache Corporation failed to accrue salaries expense
Please help with all parts, thanks! Below are three independent and unrelated errors. a. On December 31, 2020, Wolfe-Bache Corporation failed to accrue salaries expense of $2,200. In January 2021, when it paid employees for the December 27-January 2 workweek. Wolfe-Bache made the following entry: Salaries expense Cash 2,200 2,200 b. On the last day of 2020, Midwest Importers received a $98,000 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 $8,800 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 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. 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 Errore Income Statement Balance Sheet Complete this question by entering your answers in the tabs below. 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 joumal entry required" in the first account field.) View transaction list Journal entry worksheet B > Record correction of salaries expense error. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal
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