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 14,200 14,200 Date Description 20x1 April 1 Accounts Payable Fees Income Performed services on credit 2 Cash Telephone Expense Paid for March telephone service, Check 1917 590 590 7,920 890 3 Office Equipment Office Supplies Accounts payable Purchased file cabinet and office supplies, Check 1918 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? Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate Answer is not complete. 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. Debit General Journal Credit No Date Apr 30, 20X1 1 14,200 Accounts receivable Accounts payable 14,200 590 2 Telephone expense Apr 30, 20X1 Cash 590 3 590 Apr 30, 20X1 Telephone expense Cash >> 590 4 Apr 30, 20X1 Office equipment Office supplies Cash 7.920 980 X 8,810 General Journal Analyze > Analyze: After the correcting journal entries fave been posted, what effect do the correcting entries have on the company's reported assets? Answer is not complete Complete this question by entering your answers in the tabs below. 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 General Journal 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 14,200 14,200 Date Description 20x1 April 1 Accounts Payable Fees Income Performed services on credit 2 Cash Telephone Expense Paid for March telephone service, Check 1917 590 590 7,920 890 3 Office Equipment Office Supplies Accounts payable Purchased file cabinet and office supplies, Check 1918 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? Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate Answer is not complete. 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. Debit General Journal Credit No Date Apr 30, 20X1 1 14,200 Accounts receivable Accounts payable 14,200 590 2 Telephone expense Apr 30, 20X1 Cash 590 3 590 Apr 30, 20X1 Telephone expense Cash >> 590 4 Apr 30, 20X1 Office equipment Office supplies Cash 7.920 980 X 8,810 General Journal Analyze > Analyze: After the correcting journal entries fave been posted, what effect do the correcting entries have on the company's reported assets? Answer is not complete Complete this question by entering your answers in the tabs below. 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 General Journal