Journal entries Requirements 1. For each of the preceding entries, indicate the effect of the error on cash, fotal assets, and net income. The answer for the first transection has been provided as an example. 2. What is the correct balance of cash if the balance of cash on the books before correcting the preceding transactions was $6,400 ? 3. What is the correct amount of total assots if the total assets on the books before correcting the preceding transactions was $28,000 ? 4. What is the correct net income for May if the reported income before correcting the preceding transactions was $8,000 ? Effec May 10 Supplies Accounts Payable Purchased office equipment on account. 3,100 3,100 5,600 5,600 May 25 Accounts Receivable Cash 5,400 Paid for supplies purchased eartier on account Print Done rect net in Journal entries Requirements 1. For each of the preceding entries, indicate the effect of the error on cash, fotal assets, and net income. The answer for the first transection has been provided as an example. 2. What is the correct balance of cash if the balance of cash on the books before correcting the preceding transactions was $6,400 ? 3. What is the correct amount of total assots if the total assets on the books before correcting the preceding transactions was $28,000 ? 4. What is the correct net income for May if the reported income before correcting the preceding transactions was $8,000 ? Effec May 10 Supplies Accounts Payable Purchased office equipment on account. 3,100 3,100 5,600 5,600 May 25 Accounts Receivable Cash 5,400 Paid for supplies purchased eartier on account Print Done rect net in