adjusting entries- balance sheet- liablitlies assets etc

Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Oriole Company appear as follows. ORIOLE COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020 Cash $ 40,100 Accounts receivable 589,200 Less: Allowance for doubtful accounts 8.330 80.870 Inventory 161.250 Prepaid expenses 9.400 $291.620 Accounts payable Notes payable $ 50 60,500 The following errors in the corporation's accounting have been discovered: 1. 2. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable in the amount of $41,500, on which a cash discount of 2 was taken The inventory included $31,670 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered of this amount, $12,240 had been received on consignment, the remainder was purchased to be destination, terms 2/10, 1/30. Sales for the first four days in January 2021 in the amount of $30,970 were entered in the sales journal as of December 31, 2020. Of these, $19,780 were sales on account and the remainder were cash sales. Cash, not including cash sales, collected in January 2021 and entered as of December 31, 2020, totaled $36,598, of this amount, $24,598 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. 3. 4. Your answer is partially correct. Try again. Calculate the following adjusted balances. Cash 37800 Accounts Receivable 1 83330 Inventory 149110 Accounts Payable 120780 Notes Payable 8600 SHOW LIST OP ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Restate the current assets and current abilities sections of the balance sheet in accordance with good accounting practice (Assume that both accounts receivable and accounts payable are recorded gross) (List Current Assets in order of ity) ORIOLE COMPANY Balance Sheet(Partial December 31, 2020 Your answer is partially correct. Try again. Restate the current assets and current liabilities sections of the balance sheet in accordance with good accounting practice. (Assume that both accounts receivable and accounts payable are recorded gross.) (List Current Assets in order of liquidity.) ORIOLE COMPANY Balance Sheet(Partial December 31, 2020 Current Assets y cost 37800 Accounts Receivable 83330 1 Less Allowance for Doubtful Ace 1 8330 75000 Inventory 149110 Prepaid Expenses 9400 Total Current Assets 271310 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 120780 T Notes Payable 48600 Total Current Liabilities 169380 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. State the net effect of your adjustments on Oriole Company's retained earnings balance. Decrease 68495 to retained earnings SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT