Identifying Revenues
The following transactions are July 2011 activities of Craig€™s Bowling, Inc., which operates several bowling centers (for games and equipment sales). If revenue is to be recognized in July, indicate the revenue account title and amount. If revenue is not to be recognized in July, explainwhy.

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Activity Revenue Account Title and Amount a. Craig's collected $13,000 from customers for games played in July. b. Craig's sold bowling equipment inventory for $7,000; received $3,000 in cash and the rest on account. [The cost of goods sold (expense) related to these sales is in M3-4e.] c. 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.