Exercise 5-9 (Part Level Submission)

The current assets and current liabilities sections of the balance sheet of Bridgeport Company appear as follows.

BRIDGEPORT COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017
Cash				$ 48,600		Accounts payable		$ 65,590
Accounts receivable		$95,200				Notes payable		73,440
Less: Allowance for doubtful accounts		8,060		87,140				$139,030
Inventory				167,370
Prepaid expenses				8,130
				$311,240

The following errors in the corporations accounting have been discovered:

1.		January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $43,900, on which a cash discount of 2% was taken.
2.		The inventory included $29,940 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,460 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30.
3.		Sales for the first four days in January 2018 in the amount of $30,260 were entered in the sales journal as of December 31, 2017. Of these, $20,000 were sales on account and the remainder were cash sales.
4.		Cash, not including cash sales, collected in January 2018 and entered as of December 31, 2017, totaled $35,520. Of this amount, $23,520 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan.

(a1)

Calculate the following adjusted balances.

Cash		$
Accounts Receivable		$
Inventory		$
Accounts Payable		$
Notes Payable		$

Click if you would like to Show Work for this question:

Open Show Work