The following transactions are July activities of Bennett's Bowling, Incorporated, which operates several bowling centers, offeringcustomers lanes for games, snack bar service, and merchandise for sale from the pro shop.e. Bennett's purchased $680 in food supplies for the snack bar; paid $590 in cash and owed the rest on account with the supplier.f. Bennett's paid $500 on the electricity bill for June (recorded as an expense in June).g. Bennett's paid $3,600 to employees for work in July.h. Bennett's purchased $1,500 in insurance for coverage from August 1 to November 1.i. Bennett's paid $700 to plumbers for repairing a broken pipe in the restrooms.j. Bennett's received the July electricity bill for $900 to be paid in August.If expenses are not recognized in July, choose 'None' for the account affected. If expense is to be recognized in July, indicate theexpense account title and amount.ActivityExpenseAccount Titlee.f.g.h.i.j.Amount ofExpense

e. The purchased food supplies is included as part of inventory. They will be expensed once they are…

Answered: The following transactions are July…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 1PA: Bell Florists sells flowers on a retail basis. Most of the sales are for cash; however, a few steady...

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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’…
The following transactions are July activities of Kings Bowling, which operates several bowling centers, offering customers lanes for games, snack bar service, and merchandise for sale from the pro shop. e. Kings purchased $680 in food supplies for the snack bar; paid $600 in cash and owed the rest on account with the supplier. f. Kings paid $2,900 on the electricity bill for June (recorded as an expense in June). g. Kings paid $2,700 to employees for work in July. h. Kings purchased $3,900 in insurance for coverage from August 1 to November 1. i. Kings paid $2,500 to plumbers for repairing a broken pipe in the restrooms. j. Kings received the July electricity bill for $3.400 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…
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The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Feb. 10 13 Mar. 12 14 Apr. 3 May 11 13 July 12 Aug. 1 Oct. 5 15 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) Received from Bradford & Co. the amount due on the note of March 12. Dry Creek Co. dishonored its note dated March 14. Received from Dry Creek Co. the amount owed on the…
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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.
In providing accounting services to small businesses, you encounter the following situations. Sunland Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $6,100 plus GST of $305 and PST of $488. 2. Jennifer Corporation receives its annual property tax bill in the amount of $8,400 on May 31. (i) During the month of March, Ayayai Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,820 for income taxes. (ii) Ayayai's employer portions were $3,254 for CPP and $1,327 for El for the month. 1. 3. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit…
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The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co. dishonored its note dated March 14. July 12 Received from Dry Creek Co. the amount…
The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co. dishonored its note dated March 14. July 12 Received from Dry Creek Co. the amount…
Prepare the following journal entry, all transactions that occurred in January: The Corporation purchased a Delivery Van for customer deliveries. The Delivery Van cost $21,400. A down payment of cash in the amount of $5,000 was paid to the Car Dealership, and a promissory note was signed for the remaining amount owed.
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. a. Bennett's collected $14,000 from customers for games played in July. b. Bennett's served customers food from its snack bar; received $7,700 in cash. c. Bennett's received $2,700 from customers who purchased merchandise in June from the pro shop on account. d. The men's and ladies' bowling leagues gave Bennett's a deposit of $2,900 for the upcoming fall season. For each of the above transactions, complete the tabulation, indicating the amount 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.…

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