The following transactions are July activities of Craig\'s Bowling, Inc., which

Question

The following transactions are July activities of Craig's Bowling, Inc., which operates several bowling centers (for games and equipment sales). a. Craig's collected $15,000 from customers for games played in July. b. Craig's sold bowling merchandise inventory from its pro shop for $8,000; received $3,000 in cash and customers owed the rest on account. c. Craig's received $4,000 from customers who purchased merchandise in June on account. d. The men's and ladies' bowling leagues gave Craig's a deposit of $2,500 for the upcoming fall season. If revenue is not recognized in July, choose 'None' for the account and enter $0 for the amount. If revenue is to be recognized in July, indicate the revenue account title and amount Revenue Account Affected Amount of Revenue S 15,000 a. Games revenue b. Equipment sales revenue C. d. 8,000

Explanation / Answer

Solution:

Revenue Account affected Amount of Revenue a Games Revenue $15,000.00 b Equipment sales revenue $8,000.00 c None $0.00 d None $0.00

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