Exercise+5-9 - Exercise 5-9 Current Assets and Current...

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Exercise 5-9 Current Assets and Current Liabilities Agincourt Company Balance Sheet (Partial) December 31, 2010 Balances - as given Corrections Corrected Balances Notes Dr. Cr. Dr. Cr. Dr. Cr. Cash 40,000 30,476 40,000 + 34,300 - 8,500 - 23,324 -12,000 34,300 (1) 8,500 (3)Jan cash sales entered as sales in December 23,324 (4) 12,000 (4) Accounts Receivable 89,000 91,300 89,000 - 21,500 + 23,800 21,500 (3)Jan cash sales entered as sales in December 23,800 (4) Allowance for Doubtful Accounts (7,000) (7,000) Inventory 171,000 161,000 171,000 - 10,000 10,000 (2)Inventory received on consignment Prepaid Expenses 9,000 9,000 Accounts Payable 61,000 113,000 61,000 + 35,000 + 17,000 35,000 (1) 17,000 (2) Notes Payable 67,000 55,000 67,000 - 12,000 12,000 (4) Totals 302,000 128,000 58,100 127,324 284,776 168,000 Cash payments in Jan, recorded in Dec Pment amt is net of 2% discount (35,000 x 98%) Cash received in January for payments on account. Incorrectly recorded as payments received in
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Exercise+5-9 - Exercise 5-9 Current Assets and Current...

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