Reference no: EM132682001
Question - The following transactions are July activities of Bennett's Bowling, Inc.
1. Bennett's collected $13,300 from customers for games played in July.
2. Bennett's sold bowling merchandise inventory from its pro shop for $9,000; received $3,400 in cash and customers owed the rest on account. [Consider only the effect on revenue here. Do not consider cost of goods sold for this question.]
3. Bennett's received $2,700 from customers who purchased merchandise in June on account.
4. The men's and ladies' bowling leagues gave Bennett's a deposit of $3,400 for the upcoming fall season.
5. Bennett's provided to customers bowling merchandise inventory costing Bennett's $2,990. (Consider only the effect on cost of goods sold [expense] here.)
6. Bennett's paid $1,000 on the electricity bill for June (recorded as an expense in June).
7. Bennett's paid $5,400 to employees for work in July.
8. Bennett's purchased $2,040 in insurance for coverage from August 1 to November 1.
9. Bennett's paid $1,100 to plumbers for repairing a broken pipe in the restrooms.
10. Bennett's received the July electricity bill for $2,200 to be paid in August.
Required - Make an unadjusted income statement for Bennett's Bowling, Inc., for the month of July.
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