help please with probelm M3-8

Expee Revenues Liabilities Assets Equity Transaction tn the tivitiesa a Cig's collected SIS000 from cus +15.000 mers for games played in July. A Craig's sold bowling merchandise imventory from its pro shop for SR000 received S3.000 in cash and cudomers owed the rest on account. (Sce M3-4le) for the cos of goods sold Jexpense) related to these sales) e Craig's received S4,000 from cus- tomers who purchased merchan- dise in June on account. +15,000 NE +15.000 NE +15 cash Als ment of ce Com The d The men's and ladies' bowling leagues gave Craig's a deposit of $2.500 for the upcoming fall season. Determining the Financial Statement Effects of Operating Activities Involving Expenses M3-8 LO3-4 The following transactions are July activities of Craig's Bowling, Inc., which operates several bowlin centers (for games and equipment sales). For each of the following transactions, complete the tabulation indicating the amount and effect (+ for increase and - for decrease) of each transaction. (Remember the A=L+ SE; R -E = NI; and NI affects SE through Retained Earnings.) Write NE if there is no effect The first transaction is provided as an example. INCOME STATEMENT BALANCE SHEET Stockholders Equity Net Transaction Assets Liabilities Revenues Expenses Income e. Craig's provided to customers bowling merchandise inven- tory costing Craig's $6,800. (See M3-316) for the sale related to this use of merchandise.) -6,800 NE -6,800 NE +6,800 -6,800 f Cruig's paid S00 on the electricity bill for June (recorded as an expense in June). g. Craig's paid $3,500 to employees for work in July. h. Craig's purchased $1.500 in insur- ance for coverage from July 1 to October 1. (Part is an expense for July and part is a prepaid expense to be used in future months.) i. Craig's paid $700 to plumbers for repairing a broken pipe in the restrooms. j. Craig's received the July electricity bill for $900 to be paid in August. M3-9 Preparing a Simple Income Statement LO3-5 Given the transactions in M3-7 and M3-8 (including the examples), prepare an income statement for Craig's Bowlin