Retained earnings, The men's and ladies' bowling leagues

Retained earnings

Reference no: EM13914084

The following transactions are July 2014 activities of Craig's Bowling, Inc., which operates several bowling centers (for games and equipment sales). a. Craig's collected $16,000 from customers for games played in July. b. Craig's sold bowling equipment inventory for $7,700; received $4,100 in cash and the rest on account. [Do not consider cost of goods sold for this question.] c. Craig's received $4,000 from customers on account who purchased merchandise in June. d. The men's and ladies' bowling leagues gave Craig's a deposit of $3,400 for the upcoming fall season. For each of the following transactions, complete the tabulation, indicating the amount and net effect (+ for increase and - for decrease) of each transaction. (Remember that A = L + SE, R - E = NI, and NI affects SE through Retained Earnings.) The first transaction is provided as an example.

Reference no: EM13914084

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