19.3 Sue's Gallery sells original paintings by local artists. All sales occur in the store. Some- times customers purchase more than one painting. Individual customers must pay for purchases in full at the time of sale. Corporate customers, such as hotels, however, may pay in installments if they purchase more than 10 paintings. Although Sue's Gallery has several bank accounts, all sales monies are deposited intact into the main checking account. REQUIRED Draw an REA diagram for the gallery's revenue cycle. Be sure to include cardinalities. 19.4 Sue's Gallery only purchases finished paintings (it never commissions artists). It pays each artist 50% of the agreed price at the time of purchase, and the remainder af- ter the painting is sold. All purchases are paid by check from Sue's main checking account. REQUIRED Draw an REA diagram, complete with cardinalities, of the gallery's expenditure cycle.
19.3 Sue's Gallery sells original paintings by local artists. All sales occur in the store. Some- times customers purchase more than one painting. Individual customers must pay for purchases in full at the time of sale. Corporate customers, such as hotels, however, may pay in installments if they purchase more than 10 paintings. Although Sue's Gallery has several bank accounts, all sales monies are deposited intact into the main checking account. REQUIRED Draw an REA diagram for the gallery's revenue cycle. Be sure to include cardinalities. 19.4 Sue's Gallery only purchases finished paintings (it never commissions artists). It pays each artist 50% of the agreed price at the time of purchase, and the remainder af- ter the painting is sold. All purchases are paid by check from Sue's main checking account. REQUIRED Draw an REA diagram, complete with cardinalities, of the gallery's expenditure cycle.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:19.3 Sue's Gallery sells original paintings by local artists. All sales occur in the store. Some-
times customers purchase more than one painting. Individual customers must pay for
purchases in full at the time of sale. Corporate customers, such as hotels, however, may
pay in installments if they purchase more than 10 paintings. Although Sue's Gallery
has several bank accounts, all sales monies are deposited intact into the main checking
account.
REQUIRED
Draw an REA diagram for the gallery's revenue cycle. Be sure to include cardinalities.
19.4 Sue's Gallery only purchases finished paintings (it never commissions artists). It pays
each artist 50% of the agreed price at the time of purchase, and the remainder af-
ter the painting is sold. All purchases are paid by check from Sue's main checking
account.
REQUIRED
Draw an REA diagram, complete with cardinalities, of the gallery's expenditure cycle.
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