ACG 2071 Chapter 1: Managerial Accounting Chapter 1 Notes
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The following transactions are July 2014 activities of CraigâsBowling, Inc., which operates several bowling centers (for gamesand equipment sales). |
e. | Craigâs sold bowling merchandisecosting $6,800. [Do not consider sales revenue for thisquestion.] |
f. | Craigâs paid $800 on theelectricity bill for June (recorded as expense in June). |
g. | Craigâs paid $3,500 to employeesfor work in July. |
h. | Craigâs purchased $1,500 ininsurance for coverage from July 1 to October 1. Assume that thepurchase of the insurance has already been recorded. |
i. | Craigâs paid $700 to plumbersfor repairing a broken pipe in the restrooms. |
j. | Craigâs received the Julyelectricity bill for $900 to be paid in August. |
For each of the following transactions, complete the tabulation,indicating the amount and net effect (+ for increase and â fordecrease) of each transaction. (Remember that A = L + SE, R â E =NI, and NI affects SE through Retained Earnings.) The firsttransaction is provided as an example. |