Requirement 1. For each of the preceding entries, indicate the effect of the error on cash, total assets, and net income. The answer for the first transaction has been provided as an example. Date Effect on Cash Effect on Total Assets Effect on Net Income Understated $ 1,900 Overstated $ 1.900 Overstated $ 1.900 May 1 May 2 May 5 May 10 May 16 May 25 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? What is the correct cash balance? Requirement 3. What is the correct amount of total assets if the total assets on the books before correcting the preceding transactions was $23,000? What is the correct amount of total assets? Requirement 4. What is the correct net income for May if the reported income before correcting the preceding transactions was $12,000? What is the correct net income for May? Date Credit Journal Entry Accounts and Explanations Accounts Receivable Service Revenue Collected an account receivable. Debit 1,900 May 1 1,900 May 2 22.000 Rent Expense Cash Paid monthly rent. $2,200. 22,000 May 5 3,200 Cash Accounts Receivable Collected cash for services provided. 3,200 3,900 May 10 Supplies Accounts Payable Purchased office equipment on account. 3,900 May 16 5,400 Dividends Cash Paid salaries. 5,400 May 25 3,900 Accounts Receivable Cash Paid for supplies purchased earlier on account 3,900 1. For each of the preceding entries, indicate the effect of the error on cash, total assets, and net income. The answer for the first transaction has been provided as an example. Date Effect on Cash Effect on Total Assets Effect on Net Income May 1 Understated $ 1,900 Overstated $ 1,900 Overstated $ 1,900 2. What is the correct balance of cash if the balance of cash on the books before correcting the preceding transactions was $6,300? 3. What is the correct amount of total assets if the total assets on the books before correcting the preceding transactions was $23,000? 4. What is the correct net income for May if the reported income before correcting the preceding transactions was $12,000