Problem 4-4A Accountants for Mainland Catering Service encountered the following situations while Analgting and junaling office equipment Nov. 12 Office Supplies adjusting and closing the books at December 31. Consider each situation independently crections adistments and eplay bosee m th a. The of dosing entries d. Net income understated by $220 4,900 Accounts Payable 4,900 1. Correct the error by reversing the incorrect entry and preparing the correct entry on December 31. Include an explanation. Chapter 4 Completing the Accounting Cycle 225