a. The curling league gave Peter's a deposit of $2,600 for the upcoming fall season. b. Peter's received $2,500 from customers on account who purchased merchandise in September. c. Peter's paid $1,900 for the September electricity bill and received the October bill for $2,200, which will be paid in November. d. Peter's sold curling equipment inventory for $7,000; received $3,000 in cash and the rest on account; the cost of sales is $4,200. e. Peter's collected $13,000 from customers for games played in October. f. Peter's paid $1,400 to plumbers for repairing a broken pipe in the washrooms. g. Peter's paid $4,700 to employees for work in October. h. Peter's purchased and paid $1,800 in insurance for coverage from October 1 to December 31. Required: For each of the transactions above, complete the tabulation, indicating the amount of each transaction. (Remember that A = L + SE, R- E = NE, and NE affects SE through retained earnings.) The first transaction is provided as an example. (Enter any decreases to account balances with a minus sign.)

a. The curling league gave Peter's a deposit of $2,600 for the upcoming fall season. b. Peter's received $2,500 from customers on account who purchased merchandise in September. c. Peter's paid $1,900 for the September electricity bill and received the October bill for $2,200, which will be paid in November. d. Peter's sold curling equipment inventory for $7,000; received $3,000 in cash and the rest on account; the cost of sales is $4,200. e. Peter's collected $13,000 from customers for games played in October. f. Peter's paid $1,400 to plumbers for repairing a broken pipe in the washrooms. g. Peter's paid $4,700 to employees for work in October. h. Peter's purchased and paid $1,800 in insurance for coverage from October 1 to December 31. Required: For each of the transactions above, complete the tabulation, indicating the amount of each transaction. (Remember that A = L + SE, R- E = NE, and NE affects SE through retained earnings.) The first transaction is provided as an example. (Enter any decreases to account balances with a minus sign.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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