At the end of November 2003, the general ledger of Porridge Milling Company showed the following amounts: ASSCIS IS, >. gacccce cag Ee Mes ©. col aa ronan tee TO OP ee eT ete eR nee, te ee $64,250 LiaDIlItleS: ain as. sicanpecttina Gini tire © oxatulte ten wale oe semen aor e eae Rent Eee eet ire oe at 28,800 OWNEKSWEQUIDY a ore te ccne eer ueL ti cacet dh eucas can eee eee ae eee ee 62,000 The company’s bookkeeper is new on the job and does not have much accounting experience. Because the bookkeeper has made numerous errors, total assets do not equal liabilities plus owners’ equity. The following is a list of errors made.

a. b. @ Required: Inventory that cost $42,000 was sold, but the entry to record cost of goods sold was not made. Credit sales of $12,100 were posted to the general ledger as $21,100. The accounts receivable were posted correctly. Inventory of $12,500 was purchased on account and received before the end of November, but no entry to record the purchase was made until December. November salaries payable of $5,000 were not recorded until paid in December. Common stock was issued for $18,500 and credited to Accounts Payable. Inventory purchased for $31,050 was incorrectly posted to the asset account as $13,500. No error was made in the liability account. Determine the correct balances of assets, liabilities, and owners’ equity at the end of November.