Answered step by step
Verified Expert Solution
Question
1 Approved Answer
is this the right answer? if not what do i correct? Peter's Curling Inc: operates several curling centres (for games and equipment sales). The following
is this the right answer? if not what do i correct?
Peter's Curling Inc: operates several curling centres (for games and equipment sales). The following transactions occurred in October of the current year: a. Peter's collected $13,000 from customers for games played in October (example). b. Peter's sold $7,000 in curling equipment inventory: recelved $3,000 in cash and the rest on account; cost of sales is $4,200. c. Peter's recelved $2,500 from customers on account who purchased merchandise in September. d. The curling league gave Peter's a deposit of $2,600 for the upcoming fall season. e. Peter's paid $1,900 for the September electricity bill and received the October bill for $2,200 to be paid in November. Show net effect on Liabilities. f. Peter's paid $4,700 to employees for work in October. g. Peter's purchased $1,800 in insurance for coverage from October 1 to December 31 . h. Peter's paid $1,400 to plumbers for repairing a broken pipe in the washrooms. Required: For each of the transactions above, complete the tabulation, indicating the amount of each transaction. (Remember that A=L+SE,R E=NE, and NE affects SE through retained earnings.) The first transaction is provided as an example. (Enter any decreases to account balances with a minus sign.) Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started