I am confused on this problem. Need help on how to get the answer for the cash line and accounts receivables line? I can try to get the other ones myself. Just need the first two answers and explain how you got the answer so I can understand how you got

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I am confused on this problem. Need help on how to get the answer for the cash line and accounts receivables line? I can try to get the other ones myself. Just need the first two answers and explain how you got the answer so I can understand how you got the answer.

Cash

   

$ 44,300

 

Accounts payable

 

$ 58,160

Accounts receivable

 

$94,400

   

Notes payable

 

66,420

Less: Allowance for doubtful accounts

 

7,400

 

87,000

   

$124,580

Inventory

   

174,040

    

Prepaid expenses

   

9,210

    
    

$314,550

    


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 $39,900, on which a cash discount of 2% was taken.

2.

 

The inventory included $30,450 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $12,920 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 $28,760 were entered in the sales journal as of December 31, 2017. Of these, $21,910 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 $33,168. Of this amount, $21,168 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan.

 

 

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(a1)

Calculate the following adjusted balances.

Cash

 

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Accounts Receivable

 

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Inventory

 

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Accounts Payable

 

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Notes Payable

 

$

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    • 7 years ago
    I am confused on this problem. Need help on how to get the answer for the cash line and accounts receivables line? I can try to get the other ones myself. Just need the first two answers and explain how you got the answer so I can understand how you got
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