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Question 17 --/1 View Policies Current Attempt in Progress 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 Cash $19,000 Accounts payable $28,100 Accounts receivable $39,500 Notes payable 15,400 Less: Allowance for doubtful accounts 2,000 37,500 Unearned revenue 2,800 Inventory 62,500 Total current liabilities $46,300 Prepaid expenses 6,300 Total current assets $125,300 The following errors in the corporation's accounting have been discovered: 1. Keane collected $4,500 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 $4,100 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 $11,000 were entered in the sales journal as of December 31, 2017. Of these, $6,200 were sales on account and the remainder were cash sales. 4. Cash, collected in December 2017, but entered as received in January 2018 totaled $3,200. Of this amount, $2,156 was received on account after cash discounts of 2% had been deducted; the remainder was collected for cash sales. 5. Cash of $5,300 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. January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $6,900, on which a cash discount of 1% was 6. taken. (a1) Your answer is correct. Calculate the following adjusted balances. Cash 18931 Accounts Receivable $ 31100 Inventory S 60900 Accounts Payable $ 37500 Notes Payable $ 10100 Unearned Revenue $ 7300 e Textbook and Media Attempts: unlimited IVANHOE COMPANY Balance Sheet (Partial) December 31, 2017 Asset Current Assets Cash $ 18931 Accounts Receivable $ 31100 Less Allowance for Doubtful Accounts (2000) 29100 Inventory 60900 Prepaid Expenses 6300 Total Current Assets $ 115231 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable $ 37500 Notes Payable 10100 Unearned Revenue 7300 Total Current Liabilities $ 54900 Your answer is partially correct. State the net effect of your adjustments on Ivanhoe's retained earnings balance. Decrease to retained earnings $ -19600