Subrails Furnishing Ltd sold $20,000 worth of high quality hotel deck chairs to Yadua Bay Resort on credit. Serafina, the Accouts Officer, raised an invoice in MYOB to record the sale.Yadua Bay Resort paid $10,000 of its account, five days later. To record this transaction Serafina used the Receive Money flowchart option in the Banking Command Center. Required: A. What error did this create? B. What is the accounting effect of this error in your accounts? C. What was the correct way to process the receipt of money from Subrails Furnishing in MYOB
Subrails Furnishing Ltd sold $20,000 worth of high quality hotel deck chairs to Yadua Bay Resort on credit. Serafina, the Accouts Officer, raised an invoice in MYOB to record the sale.Yadua Bay Resort paid $10,000 of its account, five days later. To record this transaction Serafina used the Receive Money flowchart option in the Banking Command Center. Required: A. What error did this create? B. What is the accounting effect of this error in your accounts? C. What was the correct way to process the receipt of money from Subrails Furnishing in MYOB
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subrails Furnishing Ltd sold $20,000 worth of high quality hotel deck chairs to Yadua Bay Resort on credit. Serafina, the Accouts Officer, raised an invoice in MYOB to record the sale.Yadua Bay Resort paid $10,000 of its account, five days later. To record this transaction Serafina used the Receive Money flowchart option in the Banking Command Center. Required:
A. What error did this create?
B. What is the accounting effect of this error in your accounts?
C. What was the correct way to process the receipt of money from Subrails Furnishing in MYOB
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