Don't use AI. It is Accounting Information System question:Carrie's Gallery sells original paintings by local artists. Allsales occur in the store.Sometimes customers purchase more than onepainting. Individual customers must pay forpurchases in full at the time of sale. Corporatecustomers, such as hotels, however, may payin installments if they purchase more than 10 paintings.Although Carrie's Gallery hasseveral bank accounts, all sales monies are depositedintact into the main checking account.Draw an REA Diagram for the gallery's revenue cycle.Be sure to include cardinalities.Carrie's Gallery only purchases finished paintings (itnever commissions artists). It payseach artist 50% of the agreed price at the time ofpurchase, and the remainder after thepainting is sold. All purchases are paid by check fromCarrie's main checking account.Draw an REA Diagram, complete with cardinalities, ofthe gallery's revenue andexpenditure cycles. Integrate the cycles and thendevelop the database.Please do :1. The Integrated REA2. The Database - Include the PKs, FKs, and necessaryattributes

REA Diagram for the gallery's revenue cycle:-REA Diagram for the gallery's Expenditure cycle:-Table…

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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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Pinky is confused about the lack of agreement between the cash balance per books andthe balance per the bank. Explain the causes for the lack of agreement to Pinky, and givean example of each cause. Mahmudul extended credit to customer Shanawaz in the amount of $130,900 for hispurchase of window treatments on April 2. Terms of the sale are 2/60, n/150. The cost ofthe purchase to Mahmudul is $56,200. On September 4, Mahmudul determined thatShanawaz account was uncollectible and wrote off the debt. On December 3 Shanawazunexpectedly paid in full on his account.Required: Record each Mahmudul transaction with Shanawaz. In order to demonstratethe write-off and then subsequent collection of an account receivable, assume in thisexample that Mahmudul extends credit directly, so this transaction is permitted to use thedirect write-off method. Remember, however, that in most cases the direct write-offmethod is not allowed. Efaz Company has been using the FIFO cost flow method during a…
The bill of exchange written by W states that BPI Family Savings Bank will get the reimbursement of the payment from W’s savings account. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the above The bill of exchange written by X indicates that for the payee to receive the money from the drawee bank, the payee must first sell his house and car and give the proceeds to charity. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the above
Strasburg Loan Company is in the consumer loan business. Strasburg borrows frombanks and loans out the money at higher interest rates. Strasburg’s bank requires Strasburgto submit quarterly financial statements to keep its line of credit. Strasburg’s main asset isNotes Receivable. Therefore, Uncollectible-Account Expense and Allowance for UncollectibleAccounts are important accounts for the company.Raquel Lanser, the company’s owner, prefers that net income reflect a steady increase ina smooth pattern, rather than an increase in some periods and a decrease in other periods. Toreport smoothly increasing net income, Lanser underestimates uncollectible-account expense insome periods. In other periods, Lanser overestimates the expense. She reasons that the incomeoverstatements roughly offset the income understatements over time.Requirements1. What is the ethical issue in this situation?2. Who are the stakeholders? What are the possible consequences to each?3. Analyze the alternatives from…
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all have cleared handled on the bank reconcilement? 22. A company sold $15,000 of inventory to a customer. The shipment arrived late and the customer complained. The company grants the customer a $450 allowance. Write the entry to record the company (the seller) post to record this transaction.
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Chicken Wings Company is engaged in buying and selling of office equipment which caters both cash and on account sales to customers. The following are the transactions that affect accounts receivable during 2021:Sales (cash and on account), P591,050Cash received from cash customers, P205,175Cash received from credit customers (281,300 was received from customers who took advantage of the discount feature of the company’s credit term 3/10, n/30, P320,800Accounts written of as worthless, P4,955Credit memoranda issued to credit customers for sales returns and allowances, P26,275Cash refunds given to cash customers for sales returns and allowances, P16,972Recoveries on accounts written off as uncollectible in prior periods (not included in cash collections stated above), P6,615An aging of the receivables indicates that P17,300 of the accounts receivable balance are deemed uncollectible.The following balances were taken from the December 31, 2020 statement of financial position:Accounts…
Accompanying a bank statement for Marsh Land Properties is a credit memo for payment on a $15,000 one-year note receivable and $900 of interest collected by the bank. Marsh Land Properties had been notified by the bank at the time of collection, but had made no entries. Journalize the entry that should be made by Marsh Land to bring the accounting records up to date. If an amount box does not require an entry, leave it blank.
Austin Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2011, its Cash account shows an $15,671 debit balance. Austin Clinic's June 30 bank statement shows $15,382 on deposit in the bank. Prepare a bank reconciliation for Austin Clinic using the following information:. (Do not use a minus sign if your selection is to "Deduct" an item. Omit the "$" sign in your response): a. Outstanding checks as of June 30 total $2,700. b. The June 30 bank statement included a $65 debit memorandum for bank services. c. Check No. 919, listed with the canceled checks, was correctly drawn for $489 in payment of a utility bill on June 15. Austin Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $498. d. The June 30 cash receipts of $2,933 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank…
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Chicken Wings Company is engaged in buying and selling of office equipment which caters both cash and on account sales to customers. The following are the transactions that affect accounts receivable during 2021:Sales (cash and on account), P715,171; Cash received from cash customers, P243,297; Cash received from credit customers (340,373 was received from customers who took advantage of the discount feature of the company’s credit term 3/10, n/30, P368,760; Accounts written of as worthless, P5,996; Credit memoranda issued to credit customers for sales returns and allowances, P29,250; Cash refunds given to cash customers for sales returns and allowances, P20,536; Recoveries on accounts written off as uncollectible in prior periods (not included in cash collections stated above), P8,004An aging of the receivables indicates that P20,933 of the accounts receivable balance are deemed uncollectible.The following balances were taken from the December 31, 2020 statement of financial…

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