PROFESSOR: Problem point of Recognition terms Mary {agel Abear Car Repairs Shop purchases a large amount of auto parts for its business. The following table summarizes selected transaction data: Order B D E F Date Shipped June 26 July 10 16 23 27 Aug 3 Date Received July 5 15 22 30 Aug 1 7 Amount P30,000 75,000 40,000 60,000 75,000 50,000 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