Peter's Curling Inc. operates several curling centres (for games and equipment sales). The following transactions occurred...

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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; received $3,000 in cash and the rest on account; cost of sales is $4,200. c. Peter's received $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.) Statement of Financial Position Statement of Earnings Transaction Assets Liabilities + a. $ 13,000 = b. C. d. Shareholders' Equity Revenues Expenses Net Earnings + $ 13,000 $ 13,000 $ 13,000 + + + e. + f. + g. + h. + 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; received $3,000 in cash and the rest on account; cost of sales is $4,200. c. Peter's received $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.) Statement of Financial Position Statement of Earnings Transaction Assets Liabilities + a. $ 13,000 = b. C. d. Shareholders' Equity Revenues Expenses Net Earnings + $ 13,000 $ 13,000 $ 13,000 + + + e. + f. + g. + h. +

Answer rating: 100% (QA)

Based on the transactions provided for Peters Curling Inc and the accounting equation Assets Liabilities Shareholders Equity and the income statement equation Revenues Expenses Net Earnings lets compl... View the full answer