The following transactions are July activities of Bennett's Bowling, Incorporated, which operates several bowling centers, offering customers lanes for games, snack bar service, and merchandise for sale from the pro shop. a. Bennett's collected $14,000 from customers for games played in July. b. Bennett's served customers food from its snack bar; received $7,700 in cash. c. Bennett's received $2,700 from customers who purchased merchandise in June from the pro shop on account. d. The men's and ladies' bowling leagues gave Bennett's a deposit of $2,900 for the upcoming fall season. For each of the above transactions, complete the tabulation, indicating the amount 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 a. b. C. d. Assets = 14,000 = = = = Balance Sheet Liabilities + + + + + Stockholders' Equity 14,000 Revenues 14,000 Income Statement Expenses = Net Income 14,000 = =

The following transactions are July activities of Bennett's Bowling, Incorporated, which operates several bowling centers, offering customers lanes for games, snack bar service, and merchandise for sale from the pro shop. a. Bennett's collected $14,000 from customers for games played in July. b. Bennett's served customers food from its snack bar; received $7,700 in cash. c. Bennett's received $2,700 from customers who purchased merchandise in June from the pro shop on account. d. The men's and ladies' bowling leagues gave Bennett's a deposit of $2,900 for the upcoming fall season. For each of the above transactions, complete the tabulation, indicating the amount 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 a. b. C. d. Assets = 14,000 = = = = Balance Sheet Liabilities + + + + + Stockholders' Equity 14,000 Revenues 14,000 Income Statement Expenses = Net Income 14,000 = =

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Description: The following transactions are July activities of Bennett's Bowling, Incorporated, which operates several bowling centers, offeringcustomers lanes for games, snack bar service, and merchandise for sale from the pro shop.a. Bennett's collected $14,00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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