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Requirements 1. For each of the preceding entries, indicate the effect of the error on cash, total assets, and net income. The answer for the first transaction has been provided as an example. 2. What is the correct balance of cash if the balance of cash on the books before correcting the preceding transactions was $6,800 ? 3. What is the correct amount of total assets if the total assets on the books before correcting the preceding transactions was $30,000 ? 4. What is the correct net income for May if the reported income before correcting the preceding transactions was $15,000 ? Requirement 2 . What is tye corroct balance of cash if the balance of cash on the books before correcting the preceding transactions wa What is the correct cash balance? Requirement 3 . What is the correct amount of total assets if the total assets on the books before correcting the preceding transactions What is the correct amount of total assets? Requirement 4. What is the correct net income for May if the reported income before correcting the preceding transactions was $15,000 What is the correct net income for May? Journal entries May 10 Supplies 3,500 Accounts Payable 3,500 Purchased office equipment on account May 16 Dividends 5,100 Cash 5,100 Paid salaries May 25 Accounts Receivable 4,200 Cash 4,200 Paid for supplies purchased earlier on account

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