Standards: Reading Time: 5 mins ALI Understand the accounting cycle for merchandise businesses. • LO: To learn about accounts involved in the process of purchase • SC: I can name accounts involved in purchase Prompters: 1. What accounts will be affected on purchase of posters on credit? 2. What type of business is this? process. • I can identify the purchase process. 3. How can they expand the business? • I can label the merchandising cycle with all sales and some 4. List two problems in collecting money from customers. purchase terminology • Key Words: Purchase requisition, Purchase order. Exploring the Real World of Business ANALYZING PURCHASES Suncoast Motion Picture Company If you were searching for The Lord of the Rings: The Return of the King DVD, would you care if it was new or used? In the DVD business, used is often as good as new. Sales of "previously viewed" DVDS have become a huge source of revenue for retailers like Suncoast Motion Picture Company, attracting customers by providing more choices. Suncoast Motion Picture Company purchases used DVDS for resale. Customers either sell them to Suncoast for cash or trade in older titles for new or different ones. Suncoast stores also offer movie memorabilia like posters, T-shirts, and books. Movie posters and T-shirts are purchased from various commercial printers. What Do You Think? If Suncoast purchased 5,000 posters from a commercial printer on credit, which accounts do you think would be affected?
Standards: Reading Time: 5 mins ALI Understand the accounting cycle for merchandise businesses. • LO: To learn about accounts involved in the process of purchase • SC: I can name accounts involved in purchase Prompters: 1. What accounts will be affected on purchase of posters on credit? 2. What type of business is this? process. • I can identify the purchase process. 3. How can they expand the business? • I can label the merchandising cycle with all sales and some 4. List two problems in collecting money from customers. purchase terminology • Key Words: Purchase requisition, Purchase order. Exploring the Real World of Business ANALYZING PURCHASES Suncoast Motion Picture Company If you were searching for The Lord of the Rings: The Return of the King DVD, would you care if it was new or used? In the DVD business, used is often as good as new. Sales of "previously viewed" DVDS have become a huge source of revenue for retailers like Suncoast Motion Picture Company, attracting customers by providing more choices. Suncoast Motion Picture Company purchases used DVDS for resale. Customers either sell them to Suncoast for cash or trade in older titles for new or different ones. Suncoast stores also offer movie memorabilia like posters, T-shirts, and books. Movie posters and T-shirts are purchased from various commercial printers. What Do You Think? If Suncoast purchased 5,000 posters from a commercial printer on credit, which accounts do you think would be affected?
Chapter4: Operating Activities: Sales And Cash Receipts
Section: Chapter Questions
Problem 3.4C
Related questions
Question
I need answers of 2
Transcribed Image Text:10:26
Chapter # 15- L1 & L2
Suncoast Motion Picture Company.
• Standards:
Reading Time: 5 mins
Al.I Understand the
accounting cycle for
merchandise businesses.
Prompters:
• LO: To learn about
accounts involved in the
process of purchase
1.
What accounts will be affected on
• SC: I can name accounts
involved
purchase of posters on credit?
in
purchase
process.
2. What type of business is this?
• I can identify the
purchase process.
• I can label the
merchandising cycle
with all sales and some
How can they expand the business?
4. List two problems in collecting
money from customers.
3.
purchase terminology
• Key Words: Purchase
requisition, Purchase
order.
Exploring the Real World of Business
ANALYZING PURCHASES
Suncoast Motion Picture Company
If you were searching for The Lord of the Rings: The Return
of the King DVD, would you care if it was new or used? In
the DVD business, used is often as good as new. Sales of
"previously viewed" DVDS have become a huge source of
revenue for retailers like Suncoast Motion Picture Company,
attracting customers by providing more choices.
Suncoast Motion Picture Company purchases used DVDS
for resale. Customers either sell them to Suncoast for cash or
trade in older titles for new or different ones.
Suncoast stores also offer movie memorabilia like posters,
T-shirts, and books. Movie posters and T-shirts are purchased
from various commercial printers.
What Do You Think?
If Suncoast purchased 5,000 posters from a commercial
printer on credit, which accounts do you think would
be affected?
Difference:
Purchase Requisition:
• A purchase requisition is a document that an
• Standards:
ALLLUndaretand sha
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,