For each of the above transactions, complete the tabulation, indicating the amount of each transaction.
a. Benett's collected $14,000 from customers for games played in July.
b. Bennett's sold bowling merchandise inventory from its pro shop for $7,400: received S4,600 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 $2,900 from customers who purchased merchandise in June on account.
d. The men's and ladies' bowling leagues gave Bennett's a deposit of $3.400 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 Nl 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.)
Homework Answers
Answer:
| Balance Sheet | Income Statement | |||||||||
| Assets | = | Liabilities | + |
Stockholders' Equity |
Revenues | - | Expenses | = | Net income | |
| a. | $14,000 | = | + | $14,000 | $14,000 | - | = | $14,000 | ||
| b. | $7,400 | = | + | $7,400 | $7,400 | - | = | $7,400 | ||
| c | $0 | = | + | - | = | |||||
| d. | $3,400 | = | + | $3,400 | - | = | ||||
Explanation:
a. For cash collected for the sales:
Cash (Asset): $14,000 +
Revenues (Equity): $14,000 +
b. Sales for $7,400. Of which, 4,600 cash sales & remaining credit sales:
Cash (Assets): $4,600+
Accounts receivable (Assets): $2,800+
So, Total increase in assets = 4,600+2,800 = 7,400 &
Revenues (Equity): $7,400+
c.Cash collected from customers previously due.
Cash (Assets): $2,900+
Accounts receivable (Assets): $2,900-
So, Net affect assets = $2,900-$2,900 = $0
d. Advance given by the customer.
Cash (Asset): $3,400+
Unearned revenue (Liability): $3,400+
Add Answer to:
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