Refer to the T-shirt business first described in Chapter 1, “Financial Accounting and Its Environment.”The firm now has a small store near the football stadium to display and sell various sporting goods. During the first week that the shop is open, the following events occur. Should they be recorded in the financial statements of the firm? Why or why not?

a. A famous football player gives a signed football to the store owner’s daughter.

b. The firm received a bill from the Public Service Co. for gas and electricity used by the prior tenants in the store.

c. The owner bought three lottery tickets for $6.

d. One of the three lottery tickets won $150. (In this case, assume that you did not originally record the purchase of the tickets and that the owner did not want to record the winnings.)

e. The owner learned that the Super Bowl will be held at the nearby stadium in three years. p-968