Determining the Financial Statement Effects of Operating Activities Involving Revenues
The following transactions are July 2011 activities of Craig€™s Bowling, Inc., which operates several bowling centers (for games and equipment sales). For each of the following transactions, complete the tabulation, indicating the amount and effect (+ for increase and €“ for decrease) of each transaction. (Remember that A = L + SE, R €“ E = NI, and NI affects SE through Retained Earnings.) Write NE if there is no effect. The first transaction is provided as anexample.

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BALANCE SHEET INCOME STATEMENT Stockholders' Net Revenues Expenses Income Assets Llabilities Transaction Equity a. Craig's collected S13,000 from customers for games played in July. +13,000 NE +13,000 +13,000 NE +13,000 b. Craig's sold bowling equipment inventory for $7,000; received S3,000 in cash and the rest on account. [The cost of goods sold (expense) related to these sales is in M3-8e.] e. Craig's received $2,500 from customers on account who purchased merchandise in June. d. The men's and ladies' bowling leagues gave Craig's a deposit of $2,600 for the upcoming fall season.