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✔
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:The following transactions are July activities of Bennett's Bowling, Inc., which operates several bowling centers, offering customers
lanes for games and merchandise for sale.
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
B
Balance Sheet
Liabilities
2,500
+
Stockholders'
Equity
15,000
Revenues
15,000
800
Income Statement
Expenses
Net
Income
15,000
800
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