M3-4 Identifying Expenses L03-2,33 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. If expense is to be recognized in July, indicate the expense account title and amount. If expense is not to be recognized in July, explain why. Bennett's provided to customers bowling merchandise inventory costing Bennett's $680. (Consider only the effect on cost of goods sold [expense] bere. The revenue is analyzed in M-3(1) Bennett's paid $500 on the electricity bill for June (recorded as an expense in June) Bennett's paid $3,600 to employees for work in July Bennett's purchased $1,500 in insurance for coverage from August to November 1 Bennett's paid $700 to plumbers for repairing a broken pipe in the restrooms Bennett's received the July electricity bill for $900 to be paid in August Exercises: E3-9 Recording Journal Entries LO3-4 Blaine Air Transport Service, Inc., providing air delivery service for businesses, has been in operation for three years. The following transactions occurred in February: February 1 Paid $275 for rent of hangar space in February February 2 Purchased fuel costing $490 on account for the next flight to Dallas. February 4 Received customer payment of $820 to ship several items to Philadelphia next month. February 7 Flew cargo from Denver to Dallas; the customer paid $910 for the air transport, February 10 Paid $175 for an advertisement in the local paper to run on February 19. February 14 Paid pilot $2,300 in wages for flying in January (recorded as expense in January). February 18 Flew cargo for two customers from Dallas to Albuquerque for $3,800; one customer paid $1,600 cash and the other asked to be billed. February 25 Purchased on account $2.550 in spare parts for the planes. February 27 Declared a $200 cash dividend to be paid in March. Required: Page 149 Prepare journal entries for each transaction. Be sure to categorize each account as an asset (A), liability (L). stockholders' equity (SE). revenue (R), or expense (E)