The current assets and current liabilities sections of the balance sheet of Oriole Co. appear as follows. Oriole Co. Balance Sheet (Partial) As of December 31, 2017 Cash $19,100 Accounts payable $27,000 Accounts receivable $38,600 Notes payable 13,000 Less: Allowance for doubtful accounts 2,400 36,200 Unearned revenue 2,900 Inventory 63,400 Total current liabilities $42,900 Prepaid expenses 6,400 Total current assets $125,100

The following errors in the corporations accounting have been discovered: 1. Keane collected $5,200 on December 20, 2017 as a down payment for services to be performed in January, 2018. The companys 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 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 $12,500 were entered in the sales journal as of December 31, 2017. Of these, $6,800 were sales on account and the remainder were cash sales. 4. Cash, collected in December 2017, but entered as received in January 2018 totaled $2,400. Of this amount, $2,254 was received on account after cash discounts of 2% had been deducted; the remainder was collected for cash sales. 5. Cash of $5,500 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 $8,100, on which a cash discount of 1% was taken.

Calculate the following adjusted balances. Cash $enter a dollar amount Accounts Receivable $enter a dollar amount Inventory $enter a dollar amount Accounts Payable $enter a dollar amount Notes Payable $enter a dollar amount Unearned Revenue $enter a dollar amount

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.) ORIOLE COMPANY Balance Sheet (Partial)State the net effect of your adjustments on Oriole's retained earnings balance. select the effect to retained earnings $enter the net effect of the adjustments in dollars?