Communication: You have recently started to work for Lloyd Beaton, manufacturers of stone monuments. During your first month at work, you inadvertently recorded $30,000 of accounts receivable as accounts payable. The financial statements had been released within the company when you discovered your error. The month-end closing had not been completed, however, and you were able to correct the accounts without incident.
Required:Prepare a short note to accompany the re-released financial statements explaining the mistake.

Question

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The Answer of Communication: You have recently started to work for Lloyd Beaton, manufacturers of stone monuments. During your first month at work, you inadvertently recorded $30,000 of accounts receivable as accounts payable. The financial statements had been released within the company when you discovered your error. The month-end closing had not been completed, however, and you were able to correct the accounts without incident.
Required:Prepare a short note to accompany the re-released financial statements explaining the mistake.

Communication: You Have Recently Started to Work for Lloyd Beaton