Question:
The following transactions are July 2014 activities of Craigs 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 INCOME STATEMENT Stockholders Net Assets LiabilitiesEquity Revenues ExpensesIncome +15,00015,000 NE 15,000 a. Craig's collected S15,000 from 15,000 NE customers for games played in Jul,y b. Craig's sold bowling equipment S3,000 in cash and the rest on account. IThe cost of goods sold (expense) related to these sales is in M3-8e] c. Craig's received $4,000 from cus- tomers on account who purchased merchandise in June d. The men's and ladies bowlinu leagues gave Craig's a deposit of $2,500 for the upcoming fall