The following journal entries were prepared and posted by an employee of International Marketing Company who does not have an adequate knowledge of accounting. Date 20X1 GENERAL JOURNAL Description April 1 Accounts Payable Fees Income Performed services on credit 2 Cash Telephone Expense Paid for March telephone Post. PAGE 3 Ref. Debit Credit 13,400 13,400 570 570 service, Check 1917 3 Office Equipment Office Supplies Accounts payable Purchased file cabinet and office supplies, Check 1918 7,760 870 8,630 (Assume that Office Equipment and Office Supplies were recorded at the correct values. However, the items were paid for entirely in cash, not on credit. Assume the errors are found and corrected on the last day of the month.) Required: Examine the above journal entries carefully and prepare the correcting journal entries. Analyze: After the correcting journal entries have been posted, what effect do the correcting entries have on the company's reported assets? Complete this question by entering your answers in the tabs below. General Journal Analyze Examine the above journal entries carefully and prepare the correcting journal entries. View transaction list Journal entry worksheet 2 3 4 Record the rectification entry for Performing services on credit. Note: Enter debits before credits. Date Apr 30, 20X1 General Journal Debit Credit Record entry Clear entry View general journal > General Journal Analyze After the correcting journal entries have been posted, what effect do the correcting entries have on the company's reported assets? Assets by