Determining the Financial Statement Effects of Operating Activities involving Expenses.

Transactions from July at Bennett's Bowling, Incorporated.

e. Bennett's purchased $680 in food supplies; paid $570 in cash, and owed the rest on account with the supplier

f. Bennett's paid $2,000 on the electricity bill for June (recorded as an expense in June).

g. Bennett's paid $2,700 to employees for work in July.

h. Bennett's purchased $2,100 in insurance for coverage from August 1 to November 1.

i. Bennett's paid $3,300 to plumbers for repairing a broken pipe in the restrooms.

j. Bennett's received the July electricity bill for $3,700 to be paid in August.

For each of the above transactions, complete the tabulation, indicating the amount and effect of each transaction. (Remember that Assets = Liabilities + Stockholders' Equity; Revenues - Expenses = Net Income; and Net Income affects Stockholders' Equity through Retained Earnings.) The first transaction is provided as an example. Note: Reductions in account balances and loss amounts should be indicated with a minus sign