The following journal entries were prepared and posted by an employee of International Marketing Company who does not have an adequate knowledge of accounting. GENERAL 00URNAL PAGE 3 Post Ref Date 2019 April 1 Accounts Payable Description Debit Credit 12,600 Fees Income 12,600 Performed services on credit 2 Cash 520 Telephone Expense Paid for March telephone service, 520 Check 1917 3 office Equipment 7,360 Office Supplies Cash Purchased file cabinet and office supplies, Check 1918 820 8,600 (Assume that Office Equipment and Office Supplies were recorded at the correct values.) Required: Examine the above journal entries carefully and prepare the corecting journal entries Analyze: After the corecting journal entries have been posted, what effect do the corrections have on the company's reported assets