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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text: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.)
Transaction Assets
a.
b.
C.
d.
e.
f.
g.
h.
Statement of Financial Position
$
2,600 =
2,500 =
=
=
=
=
=
=
=
=
Liabilities +
2,600 +
$
+
+
++++
+
+
+
+
Shareholders'
Equity
Revenues
Statement of Earnings
Expenses
2,500
1,900
Net Earnings
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