Exercise 5-9 (Part Level Submission) The current assets and current liabilities sections of the balance sheet of Tamarisk Company appear as follows. TAMARISK COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 49,700 Accounts payable 64,150 63,370 $127,520 Cash Accounts receivable $92,600 8,830 Notes payable Less: Allowance for doubtful accounts Inventory Prepaid expenses 83,770 163,330 8,580 $305,380 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 $41,400, on which a cash discount of 2% was taken 2. The inventory included $28,020 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $11,210 had been received on consignment; the remainder was purchased f..b. destination, terms 2/10, n/30 3. Sales for the first four days in January 2018 in the amount of $28,760 were entered in the sales journal as of December 31, 2017, Of these, remainder were cash sales. 19,360 were sales on account and the 4. Cash, not including cash sales, collected in January 2018 and entered as of December 31, 2017, totaled $36,108. Of this amount, $24,108 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan