Exercise 5-9 (Part Level Submission)

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

ALLESSANDRO SCARLATTI COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2014
Cash				$ 40,000		Accounts payable		$ 61,000
Accounts receivable		$89,000				Notes payable		67,000
Less: Allowance for doubtful accounts		7,000		82,000				$128,000
Inventory				171,000
Prepaid expenses				9,000
				$302,000

The following errors in the corporation