Describe the error that Lila made in the calculations

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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

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