Question Analyze (10 points)Analyze different scenar

Question Analyze (10 points)Analyze different scenarios related to the… Analyze (10 points)Analyze different scenarios related to the accounts payable process. 1. Lila Greene, the co-owner of Lila & Grover, orders 13 white tablecloths from Montebello Home Goods on October 14 for $35 each. The order arrives two days later, and she finds that three of them are torn. She returns them, receives a refund, and records the following in her Accounts Payable ledger. Review the information below and then answer the questions that follow.a. Describe the error that Lila made in the calculations. (2 points)  b. How should Lila address this error? Fill out the following table. (3 points)  2. After the three replacement tablecloths arrive, Lila receives the following invoice.She pays $350 toward the balance of the account on October 25 and records the following in the Accounts Payable ledger. Review the information below and then answer the questions that follow.a. Describe the error that Lila made in the calculations. (2 points)  b. How should Lila address this error? Fill in the following table. (3 points)  Synthesize (30 points)Complete the accounts payable process, including analyzing purchase transactions, posting to an accounts payable subsidiary ledger, processing invoices for payment, and preparing a schedule for accounts payable. 1. Skip works in the Accounts Payable department at Furniture Direct, a wholesale furniture supplier. Furniture Direct is a very large company, and accordingly is a customer of dozens of other businesses. One of these is Cubicle Deluxe, from whom Furniture Direct buys its own furniture as well as office supplies. In January, Furniture Direct decides to replace all of the desks in its customer service department at a cost of $125,000. Skip is now ready to analyze this transaction.As you go through the accounts payable process, pay close attention to detail and double-check your work to make sure it is accurate.a. What accounts would be debited and credited in this transaction? By how much? What information would be entered into the purchases journal? Fill in the journal below. (5 points)  b. What information should Skip list in the Accounts Payable subsidiary ledger? Fill in the ledger below. (5 points)  c. One thing Skip needs to do at this point is update the vendor file for Cubicle Deluxe. What item should he add to the vendor file from this purchase that will help him maintain the file? What other items should Skip expect to see in the vendor file? How can he continue to properly maintain this file throughout Furniture Direct’s relationship with Cubicle Deluxe? (5 points)  2. The order that Furniture Direct placed with Cubicle Deluxe included 20 desks at $6,250 each. When the order arrives, it is found that one of the desks has been damaged in transit and will need to be returned. Cubicle Deluxe promptly ships a replacement desk to Furniture Direct.a. Analyze and record this purchase in the Purchases Journal. Use the following tables. (5 points)  b. How would this return be recorded in the Accounts Payable ledger? Use the following tables. (5 points)  3. After Cubicle Deluxe ships a replacement desk to Furniture Direct, they send them an invoice for the order on January 13. Skip will now add the invoice, numbered 12856 with payment terms of 60 days, to the schedule of accounts payable. In addition, there are several other invoices that need to be added: Invoice 12857 for University Cleaning Supplies (January 15, $2,398, 30 days); Invoice 12858 for Siegelman Carpet Cleaning (January 16, $750, 30 days); and Invoice 12859 for Superior Personnel Services (January 20, $15,450, 60 days).a. List the information that must be added to the schedule of accounts payable for this invoice. Use the following table. (5 points)      Accounting Business Financial Accounting AC 2102

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