Date Backline Advertising creates, plans, and handles advertising campaigns in a three-state area. Recently, BacklineBackline had to replace an inexperienced accountant in charge of some journal entries because of some serious mistakes that had been uncovered in the accounting records. You have been hired to review these transactions to determine any corrections that might be necessary. In all cases, the bookkeeper made an accurate description of the transaction. Requirement 1. Record the correct journal entry for any incorrect entries-Reverse the entry and record the correct entry. Journal Entry Accounts and Explanations Debit Credit May 1 Accounts Receivable Service Revenue Collected an account receivable 2 Rent Expense Cash Paid monthly rent, $400. 5 Cash Accounts Receivable Collected cash for services provided. 10 Supplies Accounts Payable Purchased office equipment on account 16 Dividends Cash Paid salaries. 25 Accounts Receivable Cash Paid for supples purchased earlier on account 1,700 1,700 4,000 4,000 3,400 3,400 4,300 4,300 5,500 5,500 3,900 3,900 Requirement 2. What is the correct balance of cash if the balance of cash on the books before correcting the preceding transactions was $6,300. The correct cash balance is $ Requirement 4. What is the correct amount of total assets if the total assets on the books before correcting the preceding transactions was $20,000? The correct amount of total assets is $ Requirement 5. What is the correct net income for May if the reported income before correcting the preceding transactions was $9,000? The correct net income for May is $