Fluffy allows their customers to pay in installments. In the current system, sales orders and payments...
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Fluffy allows their customers to pay in installments. In the current system, sales orders and payments are recorded in two separate files. The SalesOrders file records the amount the customer owes Fluffy and the payments that have been received. The CashReceipts file records all payments received. Samples of both files are shown here. SalesOrders CashReceipts OrderNo Date 1 2 3 4 F 5 Amount Payments 1/6/2025 $ 838.46 1/7/2025 $ 100.03 1/9/2025 $ 245.67 6 6 7 8 9 10 1/13/2025 $3,632.16 1/15/2025 $386.90 1/20/2025 $ 753.15 1/20/2025 $ 611.00 1/23/2025 $ 63.00 1/25/2025 $1,496.72 1/28/2025 $ 194.80 1. Identify and explain the primary issue in the data set. 2. Describe how you would reorganize the data to enable the calculation of accounts receivable. 1 2 3,10 5 4 7,9,11 11 CashReceiptNo 1 2 3 4 E 5 6 7 8 9 10 11 Date Amount Type 1/6/2025 $838.46 Cash 1/7/2025 $ 100.3 Credit Card 1/9/2025 $ 150 Check 1/20/2025 $ 350 Credit Card 1/24/2025 $ 386.9 Cash 1/27/2025 $ 200 Check 1/27/2025 $ 500 Check 1/30/2025 $403.15 Check 1/30/2025 $ 200 Check 1/31/2025 $ 95.67 Check 1/31/2025 $194.8 Check Fluffy allows their customers to pay in installments. In the current system, sales orders and payments are recorded in two separate files. The SalesOrders file records the amount the customer owes Fluffy and the payments that have been received. The CashReceipts file records all payments received. Samples of both files are shown here. SalesOrders CashReceipts OrderNo Date 1 2 3 4 F 5 Amount Payments 1/6/2025 $ 838.46 1/7/2025 $ 100.03 1/9/2025 $ 245.67 6 6 7 8 9 10 1/13/2025 $3,632.16 1/15/2025 $386.90 1/20/2025 $ 753.15 1/20/2025 $ 611.00 1/23/2025 $ 63.00 1/25/2025 $1,496.72 1/28/2025 $ 194.80 1. Identify and explain the primary issue in the data set. 2. Describe how you would reorganize the data to enable the calculation of accounts receivable. 1 2 3,10 5 4 7,9,11 11 CashReceiptNo 1 2 3 4 E 5 6 7 8 9 10 11 Date Amount Type 1/6/2025 $838.46 Cash 1/7/2025 $ 100.3 Credit Card 1/9/2025 $ 150 Check 1/20/2025 $ 350 Credit Card 1/24/2025 $ 386.9 Cash 1/27/2025 $ 200 Check 1/27/2025 $ 500 Check 1/30/2025 $403.15 Check 1/30/2025 $ 200 Check 1/31/2025 $ 95.67 Check 1/31/2025 $194.8 Check
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ANSWER 1 The primary issue in the data set is that sales orders and payments are recorded in two sep... View the full answer
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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