The following journal entries were prepared by an employee of International Marketing Company who does not have an adequate knowledge of accounting. GENERAL JOURNAL PAGE 3 Post. Ref. Debit Credit Date Description 20x1 April 1 Accounts Payable Fees Income Performed services on credit 14,200 14,200 590 590 2 Cash Telephone Expense Paid for March telephone service, Check 1917 3 Office Equipment Office Supplies Accounts payable Purchased file cabinet and office supplies, Check 1918 7,928 890 ces 8,810 (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? The following journal entries were prepared by an employee of International Marketing Company who does not have an adequate knowledge of accounting. GENERAL JOURNAL PAGE 3 Post. Ref. Debit Credit Date Description 20x1 April 1 Accounts Payable Fees Income Performed services on credit 14,200 14,200 590 590 2 Cash Telephone Expense Paid for March telephone service, Check 1917 3 Office Equipment Office Supplies Accounts payable Purchased file cabinet and office supplies, Check 1918 7,928 890 ces 8,810 (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