The document could not be opened for editing. A Microsoft SharePoint foundation compatible application could not be found to edit the document

Problem: 
When trying to edit an Excel sheet from SharePoint 2010 document library, user received this error message - "The document could not be opened for editing. A Microsoft SharePoint foundation compatible application could not be found to edit the document"

Troubleshooting Check List:
As the error message says, You must have Microsoft Excel installed in your client machine first! Follow this check list if you still getting this issue:

• Download and install the Hotfix as in Microsoft KB: https://support.microsoft.com/en-us/kb/2823322, applicable when SharePoint 2010 with Office 2013 installed in client machines.
• Make sure you are using 32 bit of "Internet Explorer" (c:\Program Files (x86)\Internet Explorer\iexplore.exe) browser (not Google chrome or Firefox!)
• Make sure "SharePoint OpenDocuments Class" add-on is enabled in Internet Explorer's manage Addons page! Also under the "SharePoint open document class", click on "More information" then click "Allow on all sites" button.
  
  
• Try re-registering "owssupp.dll" file  - run "Regsvr32 owssupp.dll"