Telephone expenses of $540 were incorrectly debited to the electricity account. Which below statement is valid? The above error is error of principle. The correcting entry would be Dr. electricity expense $540 and Cr. telephone expense $540. The above error is error of principle. The correcting entry would be Dr. telephone expense $540 and Cr. electricity expense $540. The above error is error of commission. The correcting entry would be Dr. telephone expense $540 and Cr. electricity expense $540. The above error is error of commission. The correcting entry would be Dr. electricity expense $540 and Cr. telephone expense $540