Problem #4 Point of Recognition Edgel Abear Car Repairs Shop purchases a large amount of auto parts for its business. The following table summarizes selected transaction data Order Date Shipped Date Received Amount June 26 July 10 16 23 27 Aug. 3 uly 5 P30,000 75,000 40,000 60,000 Aug. 1 75,000 7 50,000 15 30 Required: Determine the July total purchases under each of the following assumptions: 1. The entity recognizes purchases when orders are shipped 2. The entity recognizes purchases when orders are received