What probably caused this error

Assignment Help Financial Accounting
Reference no: EM132995179

Question - Case - ANALYZE THIS - Salem Paint and Decorating purchased merchandise on account six weeks ago for P5,000 from Winston Distributors. A check for P5,000 was sent three weeks ago in payment for the account. Although no additional purchases had been made, Salem Paint and Decorating recently received a bill from Winston Distributors that listed the balance due as P10,000. What probably caused this error? When would the error be discovered by Winston Distributors?

Reference no: EM132995179

Questions Cloud

Discuss financing options for a small business : Sometimes an entrepreneur needs an investor in order to begin a new business venture. Discuss financing options for a small business.
What are the implications of the situation for abc ltd : Those conditions require that ABC Ltd return the environment to its original condition. What are the implications of the above situation for ABC Ltd
What is price-wage rigidity : What is price-wage rigidity? Do you agree with Keynes assessment that wage-price rigidity requires government's involvement in the markets?
Explain how would board increased involvement in selection : Traditionally, executives have been responsible, How would board's increased involvement in selection of strategies affect a firm's strategic competitiveness?
What probably caused this error : Salem Paint and Decorating recently received a bill from Winston Distributors that listed the balance due as P10,000. What probably caused this error
Analyze the key types of policies required for the delivery : Analyze the key types of policies required for the delivery of a public health insurance program, and hypothesize their main effects on the achievement
Learned about customer service situations : Knowing what you have learned about customer service situations, why do win-lose situations often become lose-lose situations? What can an employee do to avoid
Explain major problems faced by savers in channeling funds : Explain major problems faced by savers in channeling funds to investors. How does the financial system resolve those problems?
What are the dollar amounts for the accounts payables : The exchange rate on December 31, 2021 is $1 = ¥105. What are the dollar amounts for the Accounts Payables on 12/15/21, 12/31/21, and 1/14/22

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd