Please follow the format as shown. The list of accounts are included at the bottom.

Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Tamarisk Company appear as follows. TAMARISK COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2020 Cash $ 48,700 Accounts receivable $92,700 Less: Allowance for doubtful accounts 7,640 85,060 Inventory 183,410 Prepaid expenses 8,130 $325,300 Accounts payable Notes payable $ 57,640 61,270 $118,910 The following errors in the corporation's accounting have been discovered: 1. 2. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable in the amount of $43,800, on which a cash discount of 2% was taken. The inventory included $30,800 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $12,110 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 $32,000 were entered in the sales journal as of December 31, 2020. Of these, $20,030 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 $34,834. Of this amount, $22,834 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. 3. 4. Calculate the following adjusted balances. Cash Accounts Receivable Inventory $ Accounts Payable $ Notes Payable 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.) TAMARISK COMPANY Balance Sheet (Partial) Asset $1 Liabilities and Stockholders' Equity $ Asset $ $1 $ Liabilities and Stockholders' Equity $ $1 State the net effect of your adjustments on Tamarisk Company's retained earnings balance. to retained earnings $ Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity