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The current assets and current liabilities sections of the balance sheet of Allessandro Scarlatti Company appear as follows.ALLESSANDRO SCARLATTI COMPANYBALANCE SHEET (PARTIAL)DECEMBER 31, 2014: 2024 – Essay Writing Service | Write My Essay For Me Without DelayCash $ 44,980Accounts payable$ 62,970Accounts receivable$93,380 Notes payable71,970 Less: Allowance for doubtful accounts7,61085,770 $134,940Inventory 179,050 Prepaid expenses 9,600 $319,400The following errors in the corporation’s accounting have been discovered:1.January 2015 – Research Paper Writing Help Service cash disbursements entered as of December 2014: 2024 – Essay Writing Service | Write My Essay For Me Without Delay included payments of accounts payable in the amount of $41,500, on which a cash discount of 2% was taken.2.The inventory included $31,500 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $11,400 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 2015 – Research Paper Writing Help Service in the amount of $32,250 were entered in the sales journal as of December 31, 2014: 2024 – Essay Writing Service | Write My Essay For Me Without Delay. Of these, $22,810 were sales on account and the remainder were cash sales.4.Cash, not including cash sales, collected in January 2015 – Research Paper Writing Help Service and entered as of December 31, 2014: 2024 – Essay Writing Service | Write My Essay For Me Without Delay, totaled $37,212. Of this amount, $25,872 was 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 Receivable Inventory Accounts Payable Notes Payable MUST SHOW WORK!!!
