The following journal entries were prepared by an employee of Jupiter 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 reported assets?

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GENERAL JOURNAL PAGE 3 POST REF DATE DESCRIPTION DEBIT CREDIT 1 2013 2 April1 Accounts Payable 1240 00 Fees Income 12|400| 00 з Performed services on credit 2 Cash 5 0 0 00 Telephone Expense 500100 7 Paid for March telephone service, Check 1917 10 10 Office Equipment Office Supplies 기2 0 0100 800 00 12 Cash 840000 13 13 Purchased file cabinet and office supplies, Check 1918 15 17 19 19