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1. value: 10.00 points The following transactions are July activities of Craig's Bowling, Inc., which operates several bowling centers (for games and equipment sales).
1. value: 10.00 points The following transactions are July activities of Craig's Bowling, Inc., which operates several bowling centers (for games and equipment sales). a. Craig's collected $19,000 from customers for games played in July. b. Craig's sold bowling merchandise inventory from its pro shop for $8,100; received $4,700 in cash and customers owed the rest on account. [Do not consider cos goods sold for this question.] c. Craig's received $2,600 from customers who purchased merchandise in June on account. d. The men's and ladies' bowling leagues gave Craig's a deposit of $3,500 for the upcoming fall season. For each of the above transactions, complete the tabulation, indicating the amount and net effect (+ for increase and - for decrease) of each transaction. (Remember t + SE, R - E = NI, and NI affects SE through Retained Earnings.) The first transaction is provided as an example. Balance Sheet Income Statement Assets Liabilities a. 19,000 Stockholders' Equity 19,000 Revenues Expenses = Net Income 19,000 19,000 b. 8,100 8,100 8,100 8,100 C. d. 3,500 3,500 3,500
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