Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions are July activities of Bennett's Bowling, Inc. a. Bennett's collected $15,000 from customers for games played in July. b. Bennett's sold bowling

image text in transcribed

The following transactions are July activities of Bennett's Bowling, Inc. a. Bennett's collected $15,000 from customers for games played in July. b. Bennett's 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.) c. Bennett's received $400 from customers who purchased merchandise in June on account. d. The men's and ladies' bowling leagues gave Bennett's a deposit of $2,500 for the upcoming fall season. e. Bennett's provided to customers bowling merchandise inventory costing Bennett's $680. (Consider only the effect on cost of goods sold (expense) here.) f. Bennett's paid $500 on the electricity bill for June (recorded as an expense in June). g. Bennett's paid $3,600 to employees for work in July. h. Bennett's purchased $1,500 in insurance for coverage from August 1 to November 1. i. Bennett's paid $700 to plumbers for repairing a broken pipe in the restrooms. j. Bennett's received the July electricity bill for $900 to be paid in August. Prepare an unadjusted income statement for Bennett's Bowling, Inc., for the month of July. BENNETT'S BOWLING, INC. Unadjusted Income Statement For the Month of July Revenues: Games revenue $ Sales revenue 15,000 800 2,500 18,300 Accounts receivable Total revenues Expenses: Utilities expense 900

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting and auditing research tools and strategies

Authors: Thomas Weirich, Thomas Pearson, Natalie Tatiana

8th edition

9781118806487, 1118027078, 1118806484, 978-1118027073

More Books

Students also viewed these Accounting questions

Question

What is the relationship between orexin and narcolepsy?

Answered: 1 week ago

Question

Who or what is affected by this situation?

Answered: 1 week ago

Question

How important is this situation to the organizations mission?

Answered: 1 week ago