Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Marigold Company appear as follows. MARIGOLD COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020 Cash $ 47,800 Accounts receivable $91,000 Less: Allowance for doubtful accounts 7,810 83,190 Inventory 175,740 Prepaid expenses 9,770 $316,500 Accounts payable Notes payable $ 64,720 67,890 $132,610 The following errors in the corporation's accounting have been discovered: 1. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable in the amount of $44,100, on which a cash discount of 2% was taken. 2. 3. The inventory included $30,240 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,320 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. Sales for the first four days in January 2021 in the amount of $31,880 were entered in the sales journal as of December 31, 2020. Of these, $22,420 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 $34,932. Of this amount, $22,932 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. 4. Calculate the following adjusted balances. Cash Accounts Receivable Inventory Accounts Payable Notes Payable MARIGOLD COMPANY Balance Sheet (Partial) Asset Liabilities and Stockholders' Equity SHOW LIST OF ACCOUNTS State the net effect of your adjustments on Marigold Company's retained earnings balance. to retained earnings $