The following transactions are July activities of Bill's Extreme Bowling, Incorporated, which operates several bowling centers. If revenue is to be recognized in July, indicate the amount. Activity a. Bill's collected $19,100 from customers for services related to games played in July. b. Bill's billed a customer for $540 for a party held at the center on the last day of July. The bill is to be paid in August. c. The men's and women's bowling leagues gave Bill's advance payments totaling $3,200 for the fall season that starts in September d. Bill's received $2,450 from credit sales made to customers last month (in June). Amount

The following transactions are July activities of Bill's Extreme Bowling, Incorporated, which operates several bowling centers. If revenue is to be recognized in July, indicate the amount. Activity a. Bill's collected $19,100 from customers for services related to games played in July. b. Bill's billed a customer for $540 for a party held at the center on the last day of July. The bill is to be paid in August. c. The men's and women's bowling leagues gave Bill's advance payments totaling $3,200 for the fall season that starts in September d. Bill's received $2,450 from credit sales made to customers last month (in June). Amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following transactions are July activities of Bill’s Extreme Bowling, Inc., which operates several bowling centers. Bill’s collected $12,000 from customers for services related to games played in July. Bill’s billed a customer for $250 for a party held at the center on the last day of July. The bill is to be paid in August. The men’s and women’s bowling leagues gave Bill’s advance payments totaling $1,500 for the fall season that starts in September. Bill’s received $1,000 from credit sales made to customers last month (in June). Bill’s paid $1,500 to plumbers for repairing a broken pipe in the restrooms. Bill’s paid $2,000 for the June electricity bill and received the July bill for $2,500, which will be paid in August. Bill’s paid $5,475 to employees for work in July. Required: Prepare an income statement for Bill’s Extreme Bowling, Inc., for the month ended July 31. (This income statement would be considered “preliminary” because it uses unadjusted balances.) What is…
The following transactions are July activities of Bill’s Extreme Bowling, Incorporated, which operates several bowling centers. Bill's paid $1,500 to a plumbing company on the day of repairing a broken pipe in the restrooms. Bill's paid $2,000 for the June electricity bill and received the July bill for $2,500, which will be paid in August. Bill's paid $5,475 to employees for work in July. Required:Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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The following transactions took place at Nickle's Sports Gear during the first week of October 20X1. DATE TRANSACTIONS Oct. 1 Issued Check 3850 for $3,600 to pay the monthly rent. 1 Issued Check 3851 for 2 Issued Check 3852 for $3,200 to Fisher Company, a creditor, on account. $13,100 to purchase new equipment. 2 Issued Check 3853 for $1,520 to remit sales tax to the state sales tax authority. 3 Issued Check 3854 for $1,960 to Sports Emporium, a creditor, on account for invoice of $2,000 less cash discount of $40. 4 Issued Check 3855 for $3,925 to purchase merchandise. 6 Issued Check 3856 for $4,906 as a cash withdrawal for personal use by Nickie Martin, the owner. Indicate how these transactions would be entered in a cash payments journal. Date CK. No. Description CASH PAYMENTS JOURNAL Accounts Payable Debit Other Accounts Debit Account Name Amount Purchases Discounts Credit Cash Credit
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