Exercise 5-9 (Part Level Submission) The current assets and current liabilities sections of the balance sheet of Oriole Company appear as follows. Cash Accounts receivable Less: Allowance for doubtful accounts Inventory Prepaid expenses ORIOLE COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 $ 50,000 Accounts payable $92,000 Notes payable 7,220 84,780 $ 57,390 71,770 $129,160 160,190 8,170 $303,140 The following errors in the corporation's accounting have been discovered: 1. January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $42,300, on which a cash discount of 2% was taken. 2. The inventory included $28,040 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $12,070 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. 3. Sales for the first four days in January 2018 in the amount of $29,450 were entered in the sales journal as of December 31, 2017. Of these, $22,320 were sales on account and the remainder were cash sales. 4. Cash, not including cash sales, collected in January 2018 and entered as of December 31, 2017, totaled $36,794. Of this amount, $24,794 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. (al) Calculate the following adjusted balances. Cash $ Accounts Receivable $ Inventory $ Accounts Payable $ Notes Payable $ (a2) 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) Asset $ Liabilities and Stockholders' Equity $