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

INSTRUCTIONS
Examine the journal entries carefully to locate the errors. Provide a brief written description of each error. Assume that Office Equipment and Office Supplies were recorded at the correct values.
Analyze: After the correcting journal entries have been posted, what effect do the corrections have on the company€™s reportedassets?

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GENERAL JOURNAL PAGE 3 POST REF DATE DESCAIPTION DEBIT CREDIT 2016 Apri 1 Accounts Payable 12 400 00 Fees Income 12 400 00 Performed services on credit 2 Cash 500 00 Telephone Expense 51010-00 Paid for March telephone service, Check 1917 Office Equipment Office Suppbes 72 00 00 800 00 се Cash 8 400 00 Purchased file cabinet and office supplies, Check 1918