Question

 The following transactions are July activities of Bennett's Bowling, Inc.

 a. Bennett's collected $14,400 from customers for games played in July.

 b. Bennett's sold bowling merchandise inventory from its pro shop for $7,100; received $3,500 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.]

 c. Bennett's received $3,500 from customers who purchased merchandise in June on account.

 d. The men's and ladies' bowling leagues gave Bennett's a deposit of $3,500 for the upcoming fall season. e. Bennett's provided to customers bowling merchandise inventory costing Bennett's $3,090. (Consider only the effect on cost of goods sold [expense] here.)

 f. Bennett's paid $1,900 on the electricity bill for June (recorded as an expense in June).

 g. Bennett's paid $5,200 to employees for work in July.

 h. Bennett's purchased $1,560 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 $2,200 to be paid in August.

 Prepare an unadjusted income statement for Bennett's Bowling, Inc., for the month of July.

Answer 1