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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

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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.

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Montebello Home Goods Date: Oct. 25 12 Lane Street Invoice #: 0078 Bryanville, AT 00000 Customer ID: L&G123 Phone: 123-456-7890 BILL TO: Lila & Grover 34 Drive Road Bryanville, AT 00000 Phone: 555-555-5555 DESCRIPTION AMOUNT Tablecloths ($35 x 10) $350 Tablecloths ($35 x 3) $105 TOTAL: $455 TERMS: Total payment due in 30 days Please write invoice number on checkAccount Name: ACCOUNTS PAYABLE Date Item Description Debit Credit Balance Oct 14 Tablecloths $350 $350 Oct 25 Paid cash on account $350 $0

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