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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). e. Craig's provided to customers
The following transactions are July activities of Craig's Bowling, Inc., which operates several bowling centers (for games and equipment sales). e. Craig's provided to customers bowling merchandise inventory costing Craig's $6,800. [Do not consider sales revenue for this question.] f. Craig's paid $800 on the electricity bill for June (recorded as an expense in June) g. Craig's paid $3,500 to employees for work in July h. Craig's purchased $1,500 in insurance for coverage from July 1 to October 1. (Part is an expense for July and part is a prepaid expense to be used in future months.) i. Craig's paid $700 to plumbers for repairing a broken pipe in the restrooms j. Craig's received the July electricity bill for $900 to be paid in August. 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, R-E = NI, and NI affects SE through Retained Earnings.) The first transaction is provided as an example Balance Sheet Income Statement StockholdR Assets Liabilities + evenues Expenses Net Income ul -6,800 -6,800 6,800 -6,800
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