The following journal entries were prepared and posted by an employee of International Marketing Company who does not have an adequate knowledge of accounting.

$($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?