M3-7 (Algo) Determining the Financial Statement Effects of Operating Activities involving Revenues LO3-4 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. a. Bennett's collected $26,000 from customers for games played in July b. Bennett's sold bowling merchandise inventory from its pro shop for $7,100; received $4,900 in cash and customers owed the rest on account. (Consider only the effect on revenue here. Do not consider cost of goods sold for this question.) c. Bennett's received $3,900 from customers who purchased merchandise in June on account. d. The men's and ladies' bowling leagues gave Bennett's a deposit of $3,700 for the upcoming fall season. For each of the above transactions, complete the tabulation, indicating the amount 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. (Reductions in account balances and loss amount should be indicated with a minus sign.) Balance Sheet Liabilities Income Statement Expenses Assets Revenues Stockholders' Equity 26.000 Net Income a. 26.000 26,000 26,000