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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?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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
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