Determining the Financial Statement Effects of Operating Activities Involving Expenses LO3-4 The following transactions are July 2014 activities of Craig's Bowling, Inc., which operates several bowling centers (for games and equipment sales). Craig's sold bowling merchandise costing $6, 800. [Do not consider sales revenue for this question.] Craig's paid $800 on the electricity bill for June (recorded as expense in June). Craig's paid $3, 500 to employees for work in July. Craig's purchased $1, 500 in insurance for coverage from July 1 to October 1. Assume that the purchase of the insurance has already been recorded. Craig's paid $700 to plumbers for repairing a broken pipe in the restrooms. Craig's received the July electricity bill for $900 to be paid in August. For each of the following transactions, complete the tabulation, indicating the amount and net effect (+ for increase and - for decrease) of each transaction. (Remember that A = L + SE, R - E = Nl, and Nl affects SE through Retained Earnings.) The first transaction is provided as an example