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. Bennett’s collected $21,000 from customers for games played in July. Bennett’s sold bowling merchandise inventory from its pro shop for $7,600; received $4,500 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.] Bennett’s received $2,700 from customers who purchased merchandise in June on account. The men’s and ladies’ bowling leagues gave Bennett’s a deposit of $3,100 for the upcoming fall season.
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. Bennett’s collected $21,000 from customers for games played in July. Bennett’s sold bowling merchandise inventory from its pro shop for $7,600; received $4,500 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.] Bennett’s received $2,700 from customers who purchased merchandise in June on account. The men’s and ladies’ bowling leagues gave Bennett’s a deposit of $3,100 for the upcoming fall season.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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.
-
Bennett’s collected $21,000 from customers for games played in July.
-
Bennett’s sold bowling merchandise inventory from its pro shop for $7,600; received $4,500 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.]
-
Bennett’s received $2,700 from customers who purchased merchandise in June on account.
-
The men’s and ladies’ bowling leagues gave Bennett’s a deposit of $3,100 for the upcoming fall season.
![The following transactions are July activities of Bennett's Bowling, Ic., which operates several bowling centers, offering customers
lanes for games and merchandise for sale.
a. Bennett's collected $21,000 from customers for games played in July.
b. Bennett's sold bowling merchandise inventory from its pro shop for $7,600; received $4,500 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 $2,700 from customers who purchased merchandise in June on account.
d. The men's and ladies' bowling leagues gave Bennett's a deposit of $3,100 for the upcoming fall season.
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 amount should be indicated with a minus sign.)
Balance Sheet
Income Statement
Stockholders'
Assets
Liabilities
Revenues
Expenses
Net Income
Equity
а.
21,000
21,000
21.000
21,000
b.
C.
d.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd290b8c5-8b47-468d-813d-c4c778a9012e%2Fa5da4fcf-be01-4432-ad9d-19908e1a99a9%2Fcdmnyvj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following transactions are July activities of Bennett's Bowling, Ic., which operates several bowling centers, offering customers
lanes for games and merchandise for sale.
a. Bennett's collected $21,000 from customers for games played in July.
b. Bennett's sold bowling merchandise inventory from its pro shop for $7,600; received $4,500 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 $2,700 from customers who purchased merchandise in June on account.
d. The men's and ladies' bowling leagues gave Bennett's a deposit of $3,100 for the upcoming fall season.
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 amount should be indicated with a minus sign.)
Balance Sheet
Income Statement
Stockholders'
Assets
Liabilities
Revenues
Expenses
Net Income
Equity
а.
21,000
21,000
21.000
21,000
b.
C.
d.
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