Answered: When you looked at the Accounts…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

On August 1, 20x1, your company provided lawn service to Duke's Basketball Camp for $35.99. Mr. Duke paid you with a check immediately upon the completion of the service. When you looked at the Accounts Receivable Aging report at the end of the month, you noticed that Duke's Basketball Camp still had an open balance. Per review of the activity in Duke's account, what was wrong with the transaction on August 1?

Teacher Feedback: The issue - did the accountant use the proper form? Review the differences between a sales receipt and a sales invoice.

Dukes Basketball Camp I
Dukes Basketball Camp 25 Court St., Tucson, AZ 85719
Edit
New transaction
$35.99
Add notes
OPEN
|
$0.00
OVERDUE
Transaction List
Projects
Customer Details
Late Fees
Batch actions
Filter
<First Previous 1-3 of 3 Next Last>
DATE
TYPE
NO.
DUE DATE
BALANCE
TOTAL
STATUS
АCTION
Aug 1, 20x1
1038
Aug 15, 20x1
$35.99
$35.99 Open
Receive payment
Invoice
July 10,
Payment
July 10, 20x1
$0.00
$-460.40 Closed
July 1, 20x1
Invoice
1029
July 15, 20x1
s0.00
$460.40 Paid
Print
Total
$35.99
$35.99

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