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. L. 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 transaction is provided as an example. Note: Reductions in account balances and loss amounts should be indicated with a minus sign. Transaction Assets 0. 80 f 9- h. L Balance Sheet Income Statement Liabilities Stockholders' Equity Revenues Expenses Net Income 80+ +
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. L. 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 transaction is provided as an example. Note: Reductions in account balances and loss amounts should be indicated with a minus sign. Transaction Assets 0. 80 f 9- h. L Balance Sheet Income Statement Liabilities Stockholders' Equity Revenues Expenses Net Income 80+ +
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 transaction is provided as an example.
Note: Reductions in account balances and loss amounts should be indicated with a minus sign.
Balance Sheet
Income Statement
Transaction
Assets
Liabilities
Stockholders'
Equity
Revenues
Expenses
Net Income
80 -
80+
f.
+
9.
h.
L
h
+
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