Identifying Expenses The following transactions are July 2011 activities of Craigs Bowling, Inc., which operates several bowling
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The following transactions are July 2011 activities of Craigs Bowling, Inc., which operates several bowling centers (for games and equipment sales). If expense is to be recognized in July, indicate the expense account title and amount. If expense is not to be recognized in July, explainwhy.
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Activity Expense Account Title and Amount e. Craig's sold bowling merchandise costing $3,890. [The sale related to the use of this merchandise is in M3-3b.] f. Craig's paid $1,900 on the electricity bill for June (recorded as expense in June). g. Craig's paid $4,700 to employees for work in July. h. Craig's purchased $1,800 in insurance for coverage from July I to October 1. i. Craig's paid $1,400 to plumbers for repairing a broken pipe in the restrooms. j. Craig's received the July electricity bill for $2,600 to be paid in August.
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