Bridgeport Equipment Co. closes its books regularly on December 31, but at the end of 2020 it held its cash book open so that a more favorable balance sheet could be prepared for credit purposes. Cash receipts and disbursements for the first 10 days of January were recorded as December transactions. The information is given below. 1. 2. 3. 4. January cash receipts recorded in the December cash book totaled $54,300, of which $33,400 represents cash sales, and $20,900 represents collections on account for which cash discounts of $326 were given. January cash disbursements recorded in the December check register liquidated accounts payable of $22,082 on which discounts of $269 were taken. The ledger has not been closed for 2020. The amount shown as inventory was determined by physical count on December 31, 2020. The company uses the periodic method of inventory. Prepare any entries you consider necessary to correct Bridgeport's accounts at December 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31 2. Dec. 31 its cash open? (Compute capital and Assume the balance sheet that To what extent was Bridgeport Equipment Co. abl how a more favorable sheet at Ded mber 31 hold was prepared by the company showed the following amounts: (Round ratios to 2 decimal places, e.g. 4.56.) Cr Cash Accounts receivable Inventory Accounts payable Other current liabilities Dr. $42,720 44,590 64,490 $48,960 14,284 Per Balance Sheet After Adjustment Working capital Current ratio to 1 to 1