Question: 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
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 $ 47,100 Accounts payable $ 65,500 Accounts receivable $91,200 Notes payable 66,460 Less: Allowance for doubtful accounts 8,900 82,300 $131,960 Inventory 166,240 Prepaid expenses 9,620 $305,260 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 $44,100, on which a cash discount of 2% was taken. 2. The inventory included $28,320 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,950 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 $28,070 were entered in the sales journal as of December 31, 2017. Of these, $23,480 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 $34,540. Of this amount, $22,540 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. Collapse question part
(a1) Calculate the following adjusted balances. Cash $ Accounts Receivable $ Inventory $ Accounts Payable $ Notes Payable $
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