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How to identify revenues M3-3 (Static) Identifying Revenues LO3-2, 3-3 The following transactions...

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Accounting

How to identify revenues

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M3-3 (Static) Identifying Revenues LO3-2, 3-3 The following transactions are July activities of Bennett's Bowling, Inc., which operates several bowling centers, offering customers lanes for games and merchandise for sale. a. Bennett's collected $15,000 from customers for games played in July. b. Bennett's sold bowling merchandise inventory from its pro shop for $800; received $300 in cash and customers owed the rest on account. (Consider only the effect on revenue here.) c. Bennett's received $400 from customers who purchased merchandise in June on account. d. The men's and ladies' bowling leagues gave Bennett's a deposit of $2,500 for the upcoming fall season. If revenue is not recognized in July, choose 'None' for the account affected. If revenue is to be recognized in July, indicate the revenue account title and amount. Revenue Account Affected Amount of Revenue a. b

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