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The following transactions are July activities of Bennett's Bowling, Inc.. a. Bennett's collected $14,000 from customers for games played in July. b. Bennett's sold
The following transactions are July activities of Bennett's Bowling, Inc.. a. Bennett's collected $14,000 from customers for games played in July. b. Bennett's sold bowling merchandise inventory from its pro shop for $7,900; received $2,300 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.] c. Bennett's received $2,200 from customers who purchased merchandise in June on account. d. The men's and ladies' bowling leagues gave Bennett's a deposit of $3,000 for the upcoming fall season. e. Bennett's provided to customers bowling merchandise inventory costing Bennett's $3,490. (Consider only the effect on cost of goods sold [expense] here.) f. Bennett's paid $1,300 on the electricity bill for June (recorded as an expense in June). g. Bennett's paid $4,300 to employees for work in July. h. Bennett's purchased $1,650 in insurance for coverage from August 1 to November 1. 1. Bennett's paid $1,600 to plumbers for repairing a broken pipe in the restrooms. J. Bennett's received the July electricity bill for $1,800 to be paid in August. Prepare an unadjusted income statement for Bennett's Bowling, Inc., for the month of July. Prepare an unadjusted income statement for Benni BENNETT'S BOWLING, INC. Unadjusted Income Statement For the Month of July Revenues: Total revenues Expenses: Total expenses
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