The following transactions are July activities of Bennett’s Bowling, Incorporated, which operates several bowling centers, offering customers lanes for games, snack bar service, and merchandise for sale from the pro shop. e. Bennett’s purchased $380 in food supplies for the snack bar; paid $270 in cash and owed the rest on account with the supplier. f. Bennett’s paid $3,700 on the electricity bill for June (recorded as an expense in June). g. Bennett’s paid $3,500 to employees for work in July. h. Bennett’s purchased $2,700 in insurance for coverage from August 1 to November 1. i. Bennett’s paid $1,800 to plumbers for repairing a broken pipe in the restrooms. j. Bennett’s received the July electricity bill for $3,700 to be paid in August. For each of the above transactions, complete the tabulation, indicating the amount and effect of each transaction. (Remember that Assets = Liabilities + Stockholders’ Equity; Revenues − Expenses = Net Income; and Net Income affects Stockholders’ Equity through Retained Earnings.) The first transaction is provided as an example. Note: Reductions in account balances and loss amounts should be indicated with a minus sign. please avoid answers in image format thank you
The following transactions are July activities of Bennett’s Bowling, Incorporated, which operates several bowling centers, offering customers lanes for games, snack bar service, and merchandise for sale from the pro shop.
e. Bennett’s purchased $380 in food supplies for the snack bar; paid $270 in cash and owed the rest on account with the supplier.
f. Bennett’s paid $3,700 on the electricity bill for June (recorded as an expense in June).
g. Bennett’s paid $3,500 to employees for work in July.
h. Bennett’s purchased $2,700 in insurance for coverage from August 1 to November 1.
i. Bennett’s paid $1,800 to plumbers for repairing a broken pipe in the restrooms.
j. Bennett’s received the July electricity bill for $3,700 to be paid in August.
For each of the above transactions, complete the tabulation, indicating the amount and effect of each transaction. (Remember that Assets = Liabilities +
Note: Reductions in account balances and loss amounts should be indicated with a minus sign.
please avoid answers in image format thank you
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
