Recording correcting entries.All the journal entries shown below contain errors. The entri...

Recording correcting entries.

All the journal entries shown below contain errors. The entries were prepared by an employee of Texas 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.

Analyze: After the correcting journal entries have been posted, what effect do the corrections have on the reported assets of the company?