M3-8 (Algo) Determining the Financial Statement Effects of Operating Activities Involving Expenses 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. e. Bennett's provided to customers bowling merchandise inventory costing Bennett's $5,390. [Consider only the effect on cost of goods sold [expense] here. Do not consider sales revenue for this question.] f. Bennett's paid $2,000 on the electricity bill for June (recorded as an expense in June). g. Bennett's paid $3,600 to employees for work in July. h. Bennett's purchased $2,400 in insurance for coverage from August 1 to November 1. i. Bennett's paid $1,500 to plumbers for repairing a broken pipe in the restrooms. j. Bennett's received the July electricity bill for $2,700 to be paid in August. For each of the above transactions, complete the tabulation, indicating the amount and effect (+ for increase and - for decrease) of each transaction. (Remember that A = L + SE; R - E = NI; and NI affects SE through Retained Earnings.) The first transaction is provided as an example. (Reductions in account balances and loss amounts should be indicated with a minus sign.) Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Revenues (5,390) (5,390) 5,390 Expenses = Net Income (5,390) f. g. h. i. j.