May 1,100 1 Accounts Receivable Service Revenue Collected an account receivable. 1,100 8,000 2 Rent Expense Cash Paid monthly rent, $800. 8,000 3,000 5 Cash Accounts Receivable Collected cash for services provided. 3,000 4,100 10 Supplies Accounts Payable Purchased office equipment on account. 4,100 5,200 16 Dividends Cash Paid salaries. 5,200 25 Accounts Receivable 3,900 Requirement 1. For each of the preceding entries, indicate the effect of the mor en cash, total assets, and not income. The answer for the first transaction has been provided as an example of the error has ne elect, select "Correct and leave the amount cell blank.) Date Effect on Cash Effect on Total Assets Effect on Net Income May 1 Understated 1,100 Overstated $ 1.100 1.100 2 Understated 8000 Understand 5 Correct 3000 10 16 25 Requirement 2. What is the corect balance of cash the balance of cash on the books before corecting the preceding transactions was $7.000 The conch balance is Requirement 3. What is the correct amount of total assets the total assets on the books before correcting the preceding transactions was $27.0007 The corect amount of totalis Requirement 4. What is the corect net income for May it the reported income before correcting the preceding transactions was $2.000 The correct net income for Mayis 5 4,100 10 Supplies Accounts Payable Purchased office equipment on account. 4,100 5,200 16 Dividends Cash Paid salaries. 5,200 3,900 25 Accounts Receivable Cash Paid for supplies purchased earlier on account 3,900