Practice Exercise 5-2 (Part Level Submission) The current assets and current liabilities sections of the balance sheet of Ivanhoe Co. appear as follows Ivanhoe Co. Balance Sheet (Partial) As of December 31, 2017 29,200 13,400 2,000 $44,600 $19,000 Accounts payable $40,200 3,100 Accounts receivable Notes payable Less: Allowance for doubtful accounts 37,100 Unearned revenue Total current liabilities 62,400 6,800 $125,300 Prepaid expenses Total current assets The following errors in the corporation's accounting have been discovered: 1. Keane collected $4,100 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount as revenue 2. The inventory amount reported included $3,200 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $900 had been received 3. 4. on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. Sales for the first day in January 2018 in the amount of 11,600 were entered in the sales journal as of December 31, 2017, Of these, $5,800 were sales on account and the remainder were cash sales. Cash, collected in December 2017, but entered as received in January 2018 totaled $4,200, Of this 842 was received on account after cash discounts of 2% had been deducted; the remainder was collected for cash sales. Cash of $3,200 received in January 2018 was entered as received in December 2017. This cash January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in proceeds of a bank loan that matures in July 2018. S. 6, e amount of $7,100, on which a cash discount of 1% was taken. (a1) Calculate the following adjusted balances. Cash Accounts Receivable Inventory Accounts Payable Notes Payable Unearned Revenue Click if you would like to Show Work for this question: Open Show Work Practice Exercise 5-2 (Part Level Submission) The current assets and current liabilities sections of the balance sheet of Ivanhoe Co. appear as follows Ivanhoe Co. Balance Sheet (Partial) As of December 31, 2017 29,200 13,400 2,000 $44,600 $19,000 Accounts payable $40,200 3,100 Accounts receivable Notes payable Less: Allowance for doubtful accounts 37,100 Unearned revenue Total current liabilities 62,400 6,800 $125,300 Prepaid expenses Total current assets The following errors in the corporation's accounting have been discovered: 1. Keane collected $4,100 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount as revenue 2. The inventory amount reported included $3,200 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $900 had been received 3. 4. on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. Sales for the first day in January 2018 in the amount of 11,600 were entered in the sales journal as of December 31, 2017, Of these, $5,800 were sales on account and the remainder were cash sales. Cash, collected in December 2017, but entered as received in January 2018 totaled $4,200, Of this 842 was received on account after cash discounts of 2% had been deducted; the remainder was collected for cash sales. Cash of $3,200 received in January 2018 was entered as received in December 2017. This cash January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in proceeds of a bank loan that matures in July 2018. S. 6, e amount of $7,100, on which a cash discount of 1% was taken. (a1) Calculate the following adjusted balances. Cash Accounts Receivable Inventory Accounts Payable Notes Payable Unearned Revenue Click if you would like to Show Work for this question: Open Show Work
