Romano Advertising creates, plans, and handles advertising campaigns in three provinces. Recently, Romano had to replace an inexperienced office worker in charge of bookkeeping because of some serious mistakes that had been uncovered in the accounting records. You have been hired to review these transactions to determine any corrections that might be necessary. In all cases, the bookkeeper made an accurate description of the transaction but did not correctly record the transaction in the (Click the icon to view the journal entries.) journal. Requirements 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. (If the error has no effect, select "Correct" and leave the amount cell blank.) Date Effect on Cash Effect on Total Assets May 1 Understated $ 700 Overstated S 700 Effect on Net Income Overstated $ 700 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 $6,700? 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 $27,000? 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 $13,000? What is the correct net income for May?