The below transactions are the July activities of Craig's Bowling, Inc.

to. Craig's collected $14,900 from customers for games played in July.

b. Craig's sold its pro shop inventory of bowling merchandise for $7,200; received $3,700 in cash and clients owed the rest on account. [The cost of goods sold (expense) related to these sales is $2,990.]

C. Craig's received $2,000 from customers who purchased merchandise in June on account.

d. The men's and women's bowling leagues gave Craig's a $3,000 deposit for the upcoming fall season.

my. Craig paid $1,200 on his June electricity bill (recorded as an expense in June).

F. Craig paid employees $4,200 for work in July.

gram. Craig purchased $1,560 in insurance for coverage from July 1 to October 1. (Part is a July expense and part is a prepaid expense to be used in future months.)

H. Craig paid $1,800 to plumbers to fix a broken pipe in the bathrooms.

Yo. Craig's received the July electric bill for $2,500 due in August.

Required:

Prepare an income statement for Craig's Bowling, Inc., for the month of July.