Problem Objectiv. Recording correcting entries. All the journal entries shown below contain errors. The entries were prepared by an employee of New Bellmont Corporation 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 GENERAL JOURNAL PAGE DESCRIPTION POST REF DENT CREDIT DATE 2019 Jon. 11000 1 Accounts Payable Fees Income Performed services on crede 110 000 75.000 750 00 2 Cash Telephone Expense Pard for January telephone Service Check 1601 10 10 11 125 000 25.000 12 3 Orice Equipment Orice Supplies Cosh Purchased Necobinie od office supplies Check 1602 11 130 000 1 15 16 Analyze: After the correcting journal entries have been posted, what effect do the corrections have on the reported assets of the company