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.

 a. Bennett's collected $15,000 from customers for games played in July.

 b. Bennett's sold bowling merchandise inventory from its pro shop for $800; received $300 in cash and customers owed the rest on account. (Consider only the effect on revenue here.)

 c. Bennett's received $400 from customers who purchased merchandise in June on account.

 d. The men's and ladies' bowling leagues gave Bennett's a deposit of $2,500 for the upcoming fall season.

 If revenue is not recognized in July, choose 'None' for the account affected. If revenue is to be recognized in July, indicate the revenue account title and amount.

 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.

 e. Bennett's provided to customers bowling merchandise inventory costing Bennett's $680. (Consider only the effect on cost of

 goods sold [expense] here.)

 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 the expense account title and amount.

Answer 1

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