Describe the error that Lila made in the calculations

Reference no: EM132839668

Question - Analyze different scenarios related to the accounts payable process.

1. Lila Greene, the co-owner of Lila & Grover, orders 13 white tablecloths from Montebello Home Goods on October 14 for $35 each. The order arrives two days later, and she finds that three of them are torn. She returns them, receives a refund, and records the following in her Accounts Payable ledger. Review the information below and then answer the questions that follow.

a. Describe the error that Lila made in the calculations.

b. How should Lila address this error?

2. After the three replacement tablecloths arrive, Lila receives the following invoice.

She pays $350 toward the balance of the account on October 25 and records the following in the Accounts Payable ledger. Review the information below and then answer the questions that follow.

a. Describe the error that Lila made in the calculations.

b. How should Lila address this error?

Reference no: EM132839668

Questions Cloud

How much is the total VAT on local sales and importation : Sale of canned sardines to a Subic Bay Metropolitan Authority accredited enterprise P500,000. How much is the total VAT on local sales and importation

Prepare a brief summary of the code of ethics for your state : Prepare a brief summary of the code of ethics for your state and the MCEE, and explain why it is important for educators to behave ethically.

Describe five guidelines from the most to the least reliable : Assist auditors in ranking and evaluating the reliability of audit evidence. Identify and briefly describe 5 guidelines from the most to the least reliable.

How much is the adjusted cash in bank and book at month-end : How much is the adjusted cash in the bank and book at month-end? How much are the Cash and cash equivalents? What are the related journal entries?

Describe the error that Lila made in the calculations : The order arrives two days later, and she finds that three of them are torn. Describe the error that Lila made in the calculations

Analyze a quantitative and a qualitative research report : You will compare and analyze a quantitative and a qualitative research report. You will use the specific articles that are attached: Gammon and Morgan-Samuel's.

PUBH6005 Epidemiology Assignment : PUBH6005 Epidemiology Assignment Help and Solution, Laureate International Universities - Assessment Writing Service - Assess levels of evidence

How do these nap sessions help promote casper products : How is Casper's Dreamery meeting customers' service needs? How do these nap sessions help promote Casper's products?

Overseeing macroeconomic policies : What are some of the problems, difficulties, or hardships caused by unemployment? What are some of the problems, difficulties, or hardships caused by inflation?

User Account

All Pages