M3-4 Identifying Expenses LO3-2, 3-3 The following transactions are July activities of Craig's Bowling, Inc., which operates several bowling centers (for games and equipment Sales) e. Craig's provided to customers bowling merchandise inventory costing Craig's $6,800. (Craig's sold bowling merchandise Inventory for $8,000; received $3,000 in cash and the rest on account.) f. Craig's paid $800 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 insurance 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.) 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. If expense is not recognized in July, choose None for the account and enter $0 for the amount. If expense is to be recognized in July, indicate the revenue account title and amount. Expense Account Affected Amount of Expense