Wildhorse Co. Balance Sheet (Partial) As of December 31, 2017
Cash		$18,800	Accounts payable	$28,300
Accounts receivable	$39,500		Notes payable	13,600
Less: Allowance for doubtful accounts	2,200	37,300	Unearned revenue	2,500
Inventory		61,500	Total current liabilities	$44,400
Prepaid expenses		5,100
Total current assets		$122,700

1.		Keane collected $4,400 on December 20, 2017 as a down payment for services to be performed in January, 2018. The companys controller recorded the amount as revenue.
2.		The inventory amount reported included $3,500 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $1,900 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30.
3.		Sales for the first day in January 2018 in the amount of $12,300 were entered in the sales journal as of December 31, 2017. Of these, $5,600 were sales on account and the remainder were cash sales.
4.		Cash, collected in December 2017, but entered as received in January 2018 totaled $4,000. Of this amount, $3,332 was received on account after cash discounts of 2% had been deducted; the remainder was collected for cash sales.
5.		Cash of $4,500 received in January 2018 was entered as received in December 2017. This cash represented the proceeds of a bank loan that matures in July 2018.
6.		January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $6,800, on which a cash discount of 1% was taken.

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