Which of the following statements is false? The account "Allowance for doubtful accounts" is found in the equity section The account "Bad debt expense" is found in the equity section The account "Bad debt expense" has a normal debit balance The account "Allowance for doubtful accounts" has a normal credit balance

As a result of a thorough physical inventory, waterway company determined that it had inventory worth $320200 at december 31, 2020. this count did not take into consideration the following facts: walker consignment currently has goods worth $47400 on its sales floor that belong to waterway but are being sold on consignment by walker. the selling price of these goods is $75900. waterway purchased $21900 of goods that were shipped on december 27, fob destination, that will be received by waterway on january 3. determine the correct amount of inventory that waterway should report.