Recording correcting entries. All the journal entries shown below contain errors. The entries were prepared by an employee of New Bellmont Corporation who does not have an adequate knowledge of accounting. INSTRUCTIONS Examine the journal entries carefully to locate the errors. Provide a brief written description of each error. Assume that Office Equipment and Office Supplies were recorded at the correct values. PAGE GENERAL JOURNAL DEBIT POST REF CREDIT DATE DESCRIPTION 1 1 2019 Jan. 2 110 000 1 Accounts Payable Fees Income Performed services on credit 110 000 1 4 4 5 75 000 6 75 000 7 2 Cash Telephone Expense Poid for January telephone service. Check 1601 8 5 9 9 10 10 11 11 125.000 25 000 12 12 13 00 00 13 13 3 Office Equipment Office Supplies Cash Purchased file cabinet and office supplies, Check 1602 14 14 15 15 16 16 Analyze: After the correcting journal entries have been posted, what effect do the corrections have on the reported assets of the company