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The following transactions are July activities of Kings Bowling, which operates several bowling centers, offering customers lanes for games, snack bar service, and merchandise for
The following transactions are July activities of Kings Bowling, which operates several bowling centers, offering customers lanes for games, snack bar service, and merchandise for sale from the pro shop.
e Kings purchased $ in food supplies for the snack bar; paid $ in cash and owed the rest on account with the supplier.
f Kings paid $ on the electricity bill for June recorded as an expense in June
g Kings paid $ to employees for work in July.
h Kings purchased $ in insurance for coverage from August to November
i Kings paid $ to plumbers for repairing a broken pipe in the restrooms.
j Kings received the July electricity bill for $ to be paid in August.
For each of the above transactions, complete the tabulation, indicating the amount and effect of each transaction. Remember that Assets Liabilities Stockholders' Equity; Revenues Expenses Net Income; and Net Income affects Stockholders' Equity through Retained Earnings. The first transaction is provided as an example.
Note: Reductions in account balances and loss amounts should be indicated with a minus sign.
tableTransactionBalance Sheet,Income StatementAssetsLiabilities,tabletableStockholdersEquityRevenues,Expenses,Net Incomeefghij
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