Given the transactions in M3-7 and M3-8 (including the examples), prepare a statement of earnings for Craig's Bowling Inc. for the month of November 2017.

M 3-7

Craig's Bowling Inc. operates several bowling centres (for games and equipment sales). The following transactions occurred in November 2017. 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 = NE, and NE affects SE through retained earnings.) Write "N" if there is no effect. The first transaction is provided as an example.

M 3-8

Craig's Bowling Inc. operates several bowling centres (for games and equipment sales). The following transactions occurred in November 2017. 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 = NE, and NE affects SE through retained earnings.)Write?"N"?if?there?is?no effect.?The first?transaction?is provided?as?an?example

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Statement of Earnings Statement of Financial Position Shareholders' Net Revenues Expenses Earnings Equity Transaction Assets Liabilities a. Craig's collected $15,000 from customers for games played in November. b. Craig's sold bowling equipment inventory for $8,000; received $3,000 in cash and the rest on account. +15,000 +15,000 +15,000 +15,000 c. Craig's received $4,000 from customers on account who purchased merchandise in October. d. The men's and ladies' bowling leagues gave Craig's a deposit of $2,500 for the upcoming fall season.