Question
The following transactions are July 2014 activities of Craigs Bowling, Inc., which operates several bowling centers (for games and equipment sales). a. Craigs collected $16,000
The following transactions are July 2014 activities of Craigs Bowling, Inc., which operates several bowling centers (for games and equipment sales). a. Craigs collected $16,000 from customers for games played in July. b. Craigs sold bowling equipment inventory for $7,700; received $4,100 in cash and the rest on account. [Do not consider cost of goods sold for this question.] c. Craigs received $4,000 from customers on account who purchased merchandise in June. d. The mens and ladies bowling leagues gave Craigs a deposit of $3,400 for the upcoming fall season. For each of the following transactions, complete the tabulation, indicating the amount and net 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.
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