The following reports were based on the major assignment: Talon Art Gallery. In each report there...

 

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The following reports were based on the major assignment: Talon Art Gallery. In each report there is an error made by the group. Report 1: Aged receivables (Summary) Receivables as of: 7/08/2011 Name Art Gallery of WA Cash Sales DZ Constructions PHB Mining Ltd Total: Ageing Percent: Redisplay Aged Receivables [Summary] 7/08/2011 Total Due $7,550.00 $220.00 $3,548.00 $7,700.00 $19,018.00 0-30 $7,550.00 $220.00 $3,548.00 $0.00 $11,318.00 59.5% 31-60 $0.00 $0.00 $0.00 $7,700.00 $7,700.00 40.5% Required: Explain the error in Report 1 and discuss how it can be corrected. View: Screen Report 61 - 90 $0.00 $0.00 $0.00 $0.00 $0.00 0.0% 90+ $0.00 $0.00 $0.00 $0.00 $0.00 0.0% The following reports were based on the major assignment: Talon Art Gallery. In each report there is an error made by the group. Report 1: Aged receivables (Summary) Receivables as of: 7/08/2011 Name Art Gallery of WA Cash Sales DZ Constructions PHB Mining Ltd Total: Ageing Percent: Redisplay Aged Receivables [Summary] 7/08/2011 Total Due $7,550.00 $220.00 $3,548.00 $7,700.00 $19,018.00 0-30 $7,550.00 $220.00 $3,548.00 $0.00 $11,318.00 59.5% 31-60 $0.00 $0.00 $0.00 $7,700.00 $7,700.00 40.5% Required: Explain the error in Report 1 and discuss how it can be corrected. View: Screen Report 61 - 90 $0.00 $0.00 $0.00 $0.00 $0.00 0.0% 90+ $0.00 $0.00 $0.00 $0.00 $0.00 0.0%

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Report 1 Cash sales should not be appearing in the aging receivables report This is because Cash Sal... View the full answer