The following transactions are February 2014 activities of Swing Right Incorporated, which offers golfing lessons in western Canada. For each of the following transactions, complete the spreadsheet, indicating the amount and effect (+ for increase and ˆ’ 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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Shareholders' Equity Lesson Revenue (+R) + 15,000 Transaction Liabilities Assets a. Swing Right collected $15,000 from customers for lessons given in February. b. Swing Right sold a gift card for golf lessons for $150 cash in February. c. Swing Right received $4,000 from credit sales made to customers in January. d. Swing Right collected $2,250 in advance payments for golf lessons to start in June. e. Swing Right billed a customer $125 for golf lessons given from February 25 through February 29. The bill is to be paid in March. f. Swing Right paid $4,750 for wages to its golf instructors for the month of February. g. Swing Right paid $1,750 for electricity used in the month of January. h. Swing Right received an electricity bill for $800 for the month of February, +15,000 NE to be paid in March.