Cash Accounts receivable Less: Allowance for doubtful accounts Inventory Prepaid expenses Total current assets Balance Sheet (Partial) As of December 31, 2017 $17,900 Accounts payable $38,200 Notes payable 1,200 37,000 Unearned revenue 62,900 Total current liabilities 5,900 $123,700 $28,500 15,300 4,200 $48,000 The following errors in the corporation's accounting have been discovered: 1. 2. 3. Keane collected $3,400 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount as revenue. The inventory amount reported included $2,400 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $2,200 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10,n/30. Sales for the first day in January 2018 in the amount of $10,100 were entered in the sales journal as of December 31, 2017. Of these, $5,900 were sales on account and the remainder were cash sales. Cash, collected in December 2017, but entered as received in January 2018 totaled $3,000. Of this amount, $2,744 was received on account after cash discounts of 2% had been deducted; the remainder was collected for cash sales. Cash of $3,000 received in January 2018 was entered as received in December 2017. This cash represented the proceeds 4. $7,600, on which a cash discount of 1% was taken. 1) Your answer is partially correct. Calculate the following adjusted balances. Cash $ 21324 Accounts Receivable $ 29000 Inventory $ 60700 Accounts Payable $ 36100 Notes Payable $ 12300 Unearned Revenue $ 7600 Cash Accounts receivable Less: Allowance for doubtful accounts Inventory Prepaid expenses Total current assets Balance Sheet (Partial) As of December 31, 2017 $17,900 Accounts payable $38,200 Notes payable 1,200 37,000 Unearned revenue 62,900 Total current liabilities 5,900 $123,700 $28,500 15,300 4,200 $48,000 The following errors in the corporation's accounting have been discovered: 1. 2. 3. Keane collected $3,400 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount as revenue. The inventory amount reported included $2,400 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $2,200 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10,n/30. Sales for the first day in January 2018 in the amount of $10,100 were entered in the sales journal as of December 31, 2017. Of these, $5,900 were sales on account and the remainder were cash sales. Cash, collected in December 2017, but entered as received in January 2018 totaled $3,000. Of this amount, $2,744 was received on account after cash discounts of 2% had been deducted; the remainder was collected for cash sales. Cash of $3,000 received in January 2018 was entered as received in December 2017. This cash represented the proceeds 4. $7,600, on which a cash discount of 1% was taken. 1) Your answer is partially correct. Calculate the following adjusted balances. Cash $ 21324 Accounts Receivable $ 29000 Inventory $ 60700 Accounts Payable $ 36100 Notes Payable $ 12300 Unearned Revenue $ 7600