Please see the attach file for the figures to answer the question: Figure 1 Given the activity of an inventory purchase, answer the following questions: A) The activity is in which accounting trans

Please see the attach file for the figures to answer the question:

Figure 1 Given the activity of an inventory purchase, answer the following questions:

A) The activity is in which accounting transaction cycle?

B) What journal entry is recorded for this activity?

C) The activity is in which business process?

D) Part C required identifying the business process for purchasing inventory. Identify

three other activities in this process. Identify the accounting transaction cycle

associated with each activity.

E) What non-financial information might you like to collect related to inventory

purchases?

John Galt’s Pizza receives phone orders, then makes and delivers pizzas. Figure 2 shows

John Galt’s Pizza’s value chain. Because business processes are a different way to

categorize accounting transaction cycles, each bubble represents both processes and

cycles. The dotted lines conceptually link the processes (and therefore the accounting

transaction cycles) and represent the value added when inputs are transformed into

outputs. The solid lines represent how the firm’s information system, whether manual or

automated, collects data and distributes needed information to the processes/cycles.

The following questions pertain to Figure 2:

F) Bubble D represents which business process? Which accounting transaction

cycle?

G) Purchasing pizza ovens (in Bubble B) is part of which accounting transaction

cycle? Which business process

Attachment 1

Attachment 2

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ATTACHMENT PREVIEW

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Figure 2

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