Exercise 5-9 (Part Level Submission)

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

NOVAK COMPANY

BALANCE SHEET (PARTIAL)

DECEMBER 31, 2017

Cash$ 40,300Accounts payable$61,140Accounts receivable$89,000Notes payable71,310Less: Allowance for doubtful accounts7,20081,800$132,450Inventory181,520Prepaid expenses8,200$311,820

The following errors in the corporation's accounting have been discovered:

1.January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $39,200, on which a cash discount of 2% was taken.2.The inventory included $31,410of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $12,270had 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 $27,320were entered in the sales journal as of December 31, 2017. Of these, $22,050were 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, $23,520was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan.

(a1)

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Calculate the following adjusted balances.

Cash

$

Accounts Receivable

$

Inventory

$

Accounts Payable

$

Notes Payable

$