At the end of November 2012, the general ledger of Peacock Clothing Company showed the following amounts:
Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $103,070
Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,300
Owners’ Equity . . . . . . . . . . . . . . . . . . . . . . 76,300
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. Inventory that cost $64,000 was sold, but the entry to record cost of goods sold was not made.
b. Credit sales of $23,400 were posted to the general ledger as $32,400. The accounts receivable were posted correctly.
c. Inventory of $14,800 was purchased on account and received before the end of November, but no entry to record the purchase was made until December.
d. November salaries payable of $4,000 were not recorded until paid in December.
e. Common stock was issued for $25,000 and credited to Accounts Payable.
f. Inventory purchased for $42,030 was incorrectly posted to the asset account as $24,500. No error was made in the liability account.
Required:
Determine the correct balances of assets, liabilities, and owners’ equity at the end of November.