For each of the above transactions, complete the tabulation, indicating the amount 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. (Reductions in account balances and loss amounts should be indicated with a minus sign.) a. b. a. Bennett's collected $15,000 from customers for games played in July. b. Bennett's sold bowling merchandise inventory from its pro shop for $800; received $300 in cash and customers owed the rest on account. (Consider only the effect on revenue here. Do not consider cost of goods sold for this question.) c. Bennett's received $400 from customers who purchased merchandise in June on account. d. The men's and ladies' bowling leagues gave Bennett's a deposit of $2,500 for the upcoming fall season. C. d. Assets 15,000 2,500 * ›› X Balance Sheet Liabilities 2,500 + Stockholders' Equity 15,000 X Revenues 15,000 800✔ Income Statement Expenses B Net Income 15,000 800✔

For each of the above transactions, complete the tabulation, indicating the amount 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. (Reductions in account balances and loss amounts should be indicated with a minus sign.) a. b. a. Bennett's collected $15,000 from customers for games played in July. b. Bennett's sold bowling merchandise inventory from its pro shop for $800; received $300 in cash and customers owed the rest on account. (Consider only the effect on revenue here. Do not consider cost of goods sold for this question.) c. Bennett's received $400 from customers who purchased merchandise in June on account. d. The men's and ladies' bowling leagues gave Bennett's a deposit of $2,500 for the upcoming fall season. C. d. Assets 15,000 2,500 * ›› X Balance Sheet Liabilities 2,500 + Stockholders' Equity 15,000 X Revenues 15,000 800✔ Income Statement Expenses B Net Income 15,000 800✔

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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On March 12, jangles corporation received $20, 100 invoice dated March 9. Cash discount terms were 2/10, n/30. On March 16 jangles spent an $8,040 partial payment. What credit should jangles receive? What is jangles outstanding balance?
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