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

(Assume that Office Equipment and Office Supplies were recorded at the correct values.)

Required: Examine the above journal entries carefully and prepare the correcting journal entries.

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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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92787103

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