The current assets and current liabilities sections of the balance sheet of Nash Company appear as follows. NASH COMPANY BALANCE SHEET (PARTIAL) DECEMBER 31, 2017 Cash $ 48,700 Accounts payable $ 57,640 Accounts receivable $92,700 Notes payable 61,270 Less: Allowance for doubtful accounts 7,640 85,060 $118,910 Inventory 183,410 Prepaid expenses 8,130 $325,300 The following errors in the corporations accounting have been discovered:

1. January 2018 cash disbursements entered as of December 2017 included payments of accounts payable in the amount of $43,800, on which a cash discount of 2% was taken.

2. The inventory included $30,800 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $12,110 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 $32,000 were entered in the sales journal as of December 31, 2017. Of these, $20,030 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 $34,834. Of this amount, $22,834 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan.

Collapse question part (a1) Partially correct answer.

Your answer is partially correct. Try again. Calculate the following adjusted balances.

Accounts Receivable:

Inventory: