Question
The following transactions are July activities of Bennetts Bowling, Inc., which operates several bowling centers, offering customers lanes for games and merchandise for sale. Bennetts
The following transactions are July activities of Bennetts Bowling, Inc., which operates several bowling centers, offering customers lanes for games and merchandise for sale.
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Bennetts collected $15,000 from customers for games played in July.
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Bennetts sold bowling merchandise inventory from its pro shop for $800; received $300 in cash and customers owed the rest on account. (Consider only the effect on revenue here. Do not consider cost of goods sold for this question.)
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Bennetts received $400 from customers who purchased merchandise in June on account.
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The mens and ladies bowling leagues gave Bennetts a deposit of $2,500 for the upcoming fall season.
For each of the above transactions, complete the tabulation, indicating the amount 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.)
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