Question
The following transactions are July 2014 activities of Craig?s Bowling, Inc., which operates several bowling centers (for games and equipment sales). a. Craig?s collected $15,000
The following transactions are July 2014 activities of Craig?s Bowling, Inc., which operates several bowling centers (for games and equipment sales). |
a. | Craig?s collected $15,000 from customers for games played in July. |
b. | Craig?s sold bowling equipment inventory for $8,000; received $3,000 in cash and the rest on account. [Do not consider cost of goods sold for this question.] |
c. | Craig?s received $4,000 from customers on account who purchased merchandise in June. |
d. | The men?s and ladies? bowling leagues gave Craig?s a deposit of $2,500 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. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started