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The following transactions are July activities of Bennett's Bowling, Inc., which operates several bowling centers, offering customers lanes for games and merchandise for sale. a.

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The following transactions are July activities of Bennett's Bowling, Inc., which operates several bowling centers, offering customers lanes for games and merchandise for sale. a. Bennett's collected $23,000 from customers for games played in July. b. Bennett's sold bowling merchandise inventory from its pro shop for $7,700; received $4,400 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 $2,700 from customers who purchased merchandise in June on account. d. The men's and ladies' bowling leagues gave Bennett's a deposit of $3,200 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=Nl; and Nl affects SE through Retained Earnings.) The first transaction is provided as an example. (Reductions in account balances and loss amount should be indicated with a minus sign.) Balance Sheet Income Statement Expenses Assets Liabilities Stockholders Equity Revenues Net Income 23,000 APOP 23,000 23.000 23,000

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