Chapter 20, Problem 20.23E

(a) (1) 

To determine

Error correction:

Error correction is an adjustment to previously issued financial statements. It is not considered as an accounting change.

To identify: The error made by Corporation WB in the transaction of office supplies expense on December 31, 2015.

(a) (2)

To determine

To Prepare: Journal entry for the year 2016

(b) (1)

To determine

To identify: The error made by Importers M in the transaction of prepayment of tenant for 2016 rent of a building on the last day of 2015.

(b) (2)

To determine

To Prepare: Journal entry for the year 2016.

(c) (1)

To determine

To identify: The error made by Corporation DL in the transaction of accrue interest at the end of 2015.

(c) (2)

To determine

To Prepare: Journal entry for the year 2016.