For each of the following July 2014 transactions of Bill's Extreme Bowling, Inc., complete the spreadsheet, indicating
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For each of the following July 2014 transactions of Bill's Extreme Bowling, Inc., complete the spreadsheet, indicating the amount and effect (+ for increase and - for decrease) of each transaction under the accrual basis. Write NE if there is no effect. Include revenues as a sub- category of shareholders' equity, as shown for transaction (a), which is provided as an example.
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Transaction Shareholders' Equity Games Fee Revenue (+R) + 12,000 Liabilities Assets a. Bill collected $12,000 from customers for games played in July. b. Bill invoiced a customer for $250 for a party held at the centre on the last day of July. The bill is to be paid in August. Bill received $1,000 from credit sales made to customers last month (in June). d. The men's and women's bowling leagues gave Bill advance payments totalling $1,500 for the fall season that starts in September. e. Bill paid $1,500 to plumbers for repairing a broken pipe in the restrooms. f. Bill paid $2,000 for the June electricity bill and received the July bill for $2,500, which will be paid in August. g. Bill paid $5,475 to employees for work in July. +12,000 NE C.
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-1259103292
4th Canadian edition
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
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