Exercise 5-9 The current assets and current liabilities sections of the balance sheet of Riverbed Company appear as follows. RIVERBED COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 Cash Accounts receivable 43,900 Accounts payable 67,020 67,660 $134,680 597,700 Notes payable Less: Allowance for doubtful accounts Inventory Prepaid expenses 7,850 89,850 164,640 8,900 307,290 The following errors in the corporation's accounting have been discovered: January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $41,500, on which a cash discount of 2% was taken. 2. The inventory included $27,740 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,190 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 $32,350 were entered in the sales journal as of December 31, 2017. Of these, $20,610 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 S35,226. Of this amount, s23,226 vas received on account after cash discounts of 2% had been deducted, the remainder represented the proceeds of a bank loan. Calculate the following adjusted balances. Cash Accounts Payable Notes Payable Restate the current assets and current liabilities sections of the balance sheet in accordance with good accounting practice.(Assume that both accounts receivable and accounts payable are recorded gross.) (List Current Assets in order of liquidity.) Asset Liabilities and Stockholders' Equity State the net offect of your adjustments on Riverbed Company's retained earnings balance. State the net effect of your adjustments on Rive mpany s retained earnings balance to retained earnings s Click if you would like to Show Work for this question: Open Show Work