4.3A (Algo) Recording correcting entries. LO 4-4 The following journal entries were prepared by an employee of International Marketing Company who does not have an adequate knowledge of accounting GENERAL JOURNAL PAGE 3 Post. Date 2001 Description April 1 Accounts Payable Fees Income 2 Cash Performed services on credit Telephone Expense Paid for March telephone service, Check 1917 Ref. Debit Crealt 14,700 14,700 600 600 3 Office Equipment Office Supplies Accounts payable Purchased file cabinet and office supplies, Check 1918 8,000 900 ,900 (Assume that Office Equipment and Office Supplies were recorded at the correct values. However, the items were paid for entirely in cash, not on credit. Assume the errors are found and corrected on the last day of the month) Required: Examine the above journal entries carefully and prepare the correcting journal entres Analyze: After the correcting journal entries have been posted, what effect do the correcting entries have on the company's reported assets? Complete this question by entering your answers in the tabs below. General Journal Analyze Examine the above journal entries carefully and prepare the correcting journal entries. View transaction list Journal entry worksheet < 1 2 4 Record the rectification entry for Performing services on credit. Note: Enter debits before credits. Date Apr 30, 20X1 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 Record a reverse of the incorrect journal entry, Check 1917. Note: Enter debits before credits. Date Apr 30, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 Record the correct journal entry for payment made for March telephone service, Check 1917. Note: Enter debits before credits. Date Apr 30, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 Record the rectification entry for purchasing file cabinet and office supplies, check 1918. Note: Enter debits before credits. Date Apr 30, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Examine the above journal entries carefully and prepare the correcting journal entries. View transaction list View journal entry worksheet NO Date General Journal General Journal Analyze > Debit Credit Date 20x1 GENERAL JOURNAL Description Post. PAGE 3 Ref. Debit Credit Fees Income 2 Cash April 1 Accounts Payable. Performed services on credit Telephone Expense 14,700 14,700 600 600 Paid for March telephone service, Check 1917 3 Office Equipment Office Supplies Accounts payable 8,000 900 8,900 Purchased file cabinet and office supplies, Check 1918 (Assume that Office Equipment and Office Supplies were recorded at the correct values. However, the items were paid for entirely in cash, not on credit. Assume the errors are found and corrected on the last day of the month.) Required: Examine the above journal entries carefully and prepare the correcting journal entries. Analyze: After the correcting journal entries have been posted, what effect do the correcting entries have on the company's reported assets? Complete this question by entering your answers in the tabs below. General Journal Analyze After the correcting journal entries have been posted, what effect do the correcting entries have on the company's reported assets? Assets by