Identifying Expenses
The following transactions are July 2011 activities of Craig's Bowling. Inc., which operates several bowling centers (for games and equipment sales). If expense is to be recognized in July, indicate the expense account title and amount. If expense is not to be recognized in July, explain why.
Activity. | Expense Account Title and Amount. |
e. Craig's sold bowling merchandise costing $3,890. [The sale related to the use of this merchandise is in M3-3b.] |
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f. Craig's paid $1.900 on the electricity t in for June (recorded as expense in June). |
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Craig's paid $4.700 to employees for work in July. |
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h. Craig's purchased SI .800 in insurance for coverage from July 1 to October 1. |
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i. Craig's paid $1.400 to plumbers for repairing a broken pipe in the restrooms. |
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j. Craig's received the July electricity bill for $2.600 to be paid in August. |
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