pls fill out the schedule and read above part carefully thanks

. Effects of an Improper Cutoff Assume that the client made the following actual credit sales and received cash receipts as follows after 12/29/18: Date Sales Cost of Goods Sold Cash Receipts (Receivables Collected) 12/30/2018 $5,000 $ 2,500 $ 4,000 12/31/2018 $3,000 $ 1,500 $ 3,500 1/1/2019 $9,000 $ 1/2/2019 $ 7,000 $ 4,500 $ 3,500 $ 4,500 4,000 Assume the following balances at 12/29/18: Cash $50,000 Accounts Receivable $45,000 Sales $55,000 Cost of Goods Sold $35,000 Inventory $25,000 O O . Determine the overstatements and understatements that would result from the following situation. Assume that each situation is independent of one another. In the case of a perpetual inventory, assume that the year-end inventory count did not identify and correct the misstatements. All sales are on account. ABC Company keeps the sales journal open after 12/31/2018 for two additional days in 2019. Sales transactions for 1/1/19 & 1/2/19 were recorded in December 2018 records. The company uses perpetual inventory system. What effect would this have on the 2018 financial statements? Complete the schedule below: ACCOUNT Correct Balance Incorrect Balance Amount of Error Account Overstated, Understated or Correct #1 #2 #3 #4 Accounts Receivable Inventory Sales Cost of Goods Sold Gross Margin #5 #6 #8 #7 #9 #10