Question:
The following transactions are July 2011 activities of Bobs Bowling, Inc., which operates several bowling centers (for games and equipment sales). For each of the following transactions, complete the tabulation, indicating the amount and effect (+ for increase and for decrease) of each transaction. (Remember that A = L + SE, R E = NI, and NI affects SE through Retained Earnings.) Write NE if there is no effect. The first transaction is provided as anexample.
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BALANCE SHEET INCOMME STATEMENT Liabil- holders Net Assets sEquity Revenues ExsIncome +11,000 Bob's collected $11,000 from cus- tomers for games played in July a. | NE | +11.000| +11.000| NE b. Bob's sold $6,000 in bowling equip ment inventory: received $4,000 in cash and the rest on account. (The cost of goods sold (expense) related to these sales is in M3-8e.) Bob's received S1,500 from cus- tomers on account who purchased merchandise in June c. d. The men's and ladies' bowling leagues gave Bob's a deposit of $1,600 for the upcoming fall