Determining the Financial Statement Effects of Operating Activities Peter€™s Bowling Inc. operates several bowling centres (for games and equipment sales). For each of the transactions below, complete the tabulation, indicating the amount and effect (+ for increase and €“ for decrease) of each transaction. (Remember that A = L + SE, R €“ E = NE, and NE affects SE through retained earnings.) Write €œN€ if there is no effect. The first transaction is provided as an example.

Transcribed Image Text:

Statement of Financial Position Statement of Earnings Shareholders Equity Net Transaction AssetsLiabilities Revenues Expenses Earnings (a) Peter's collected $13,000 from customers for games played in October +13.000 +13,000 +13,000 +13,000 (b) Peter's sold $7000 in bowling equipment inventory; received $3,000 in cash and the rest on (c) Peters received $2,500 from customers on account (d) The bowling leagues gave Peter's a deposit of (e) Peter's paid $1,900 for the September electricity account; cost of sales is $4,200 who purchased merchandise in September $2,600 for the upcoming fall season. bill and reeived the October bill for $2,200 to be paid in November, (f) Peter's paid $4,700 to employees for work in (g) Peter's purchased $1,800 in insurance for (h) Peter's paid $1.400 to plumbers for repairing a October coverage from October 1 to December 31. broken pipe in the washrooms.