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6 The following transactions are July activities of Bennett's Bowling, Inc., which operates several bowling centers, offering customers lanes for games and merchandise for sale.
6 The following transactions are July activities of Bennett's Bowling, Inc., which operates several bowling centers, offering customers lanes for games and merchandise for sale. a. Bennett's collected $30,000 from customers for games played in July. b. Bennett's sold bowling merchandise inventory from its pro shop for $8,500; received $4,500 in cash and customers owed the rest on account. [Consider only the effect on revenue here. Do not consider cost of goods sold for this question.] c. Bennett's received $2,600 from customers who purchased merchandise in June on account. d. The men's and ladies' bowling leagues gave Bennett's a deposit of $2,900 for the upcoming fall season. For each of the above transactions, complete the tabulation, indicating the amount of each transaction. (Remember that A = L + SE; R - E = NI; and NI affects SE through Retained Earnings.) The first transaction is provided as an example. (Reductions in account balances and loss amount should be indicated with a minus sign.) Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Revenues Expenses = Net Income a. 30,000 30,000 30,000 30,000 b. C. d
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