were prepared by an employee of International Marketing Company who does not have an adequate knowledge of accounting GENERAL JOURNAL PAGE 3 Post. Description Date 2019 Ref. Debit Credit April 1 Accounts Payable 12,700 Fees Income 12,700 Performed services on credit 2 Cash Telephone Expense 530 Paid for March telephone service, Check 1917 3 Office Equipment Office Supplies 7,440 830 Cash 8,700 Purchased file cabinet and office supplies Check 1918 (Assume that Office Equipment and Office Supplies were recorded at the correct values .) 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 corrections have on the company's reported assets