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The following transactions are July activities of Craig's Bowling, Inc., which operates several bowling centers (for games and equipment sales). a. Craig's collected $15,000 from
The following transactions are July 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 merchandise inventory from its pro shop for $8,000; received $3,000 in cash and customers owed the rest on account. [Do not consider cost of goods sold for this question.] c. Craig's received \$4,000 from customers who purchased merchandise in June on account. 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 above transactions, complete the tabulation, indicating the amount and net effect (+ for increase and - for decrease) of each transaction. (Remember that A=L+SE,RE=NI, and NI affects SE through Retained Earnings.) The first transaction is provided as an example
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