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The current assets and current liabilities sections of the balance sheet of Sheridan Co.appear as follows. Sheridan Co. Balance Sheet (Partial) As of December 31,

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The current assets and current liabilities sections of the balance sheet of Sheridan Co.appear as follows. Sheridan Co. Balance Sheet (Partial) As of December 31, 2017 Cash $19,000 Accounts payable $27,900 Accounts receivable $39,300 Notes payable 15,100 Less: Allowance for doubtful accounts 3,200 36,100 Unearned revenue 3,800 Inventory 62,100 Total current liabilities $46,800 Prepaid expenses 6,000 Total current assets $123,200 The following errors in the corporation's accounting have been discovered: 1. Keane collected $4,800 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 $2,200 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $1,600 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10,n/30. 3. Sales for the first day in January 2018 in the amount of $10,700 were entered in the sales journal as of December 31, 2017. Of these. $5.600 were sales on account and the remainder were cash sales. 4. Cash, collected in December 2017, but entered as received in January 2018 totaled $3,900. Of this amount, $2.842 was received on account after cash discounts of 2% had been deducted; the remainder was collected for cash sales. 5. Cash of $5,000 received in January 2018 was entered as received in December 2017. This cash represented the proceeds of a bank loan that matures in July 2018. 6. January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $6,600, on which a cash discount of 1% was taken. Your answer is partially correct. Calculate the following adjusted balances. Cash $ 19334 Accounts Receivable $ 28400 Inventory 60500 Accounts Payable Notes Payable 10100 Unearned Revenue 8600

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