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M3-7 (Algo) Determining the Financial Statensunt Effects of Operating Activities Involving Expenses The following transoctions are July activities of Bennetrs Bowling. lncorporated, which operates stiveral bowing centers, offlering customers lanes for games, snack bar sevice, and merchandise for sale fram the pro shiop. e. Gennett's purchased $580 in food supplies for the snack bar; paid $460 in cash and owed the rest on account with the suppliee t. Bennett's paid $3,600 on the electricity bill for June (recorded as an expense in June). 9. Bennetts paid $3,900 to employees for work in July. 7. Bennetts purchased $3,900 in insurance for coverage from August 1 to November 1. 1. Bennett's paid $2,000 to plumbers for repairing a broken pipe in the restrooms. 1. Bennetrs received the July electricity bill for $4.300 to be paid in August. For each of the above transactions, complete the tabulation, indicating the amount and effect of each transaction. (Remember that assets = Liabilities + Stockholders' Equity; Revenues - Expenses = Net income; and Net income affects stockholders' Equity through Retained Earnings) The first transection is provided as an example. Note: Reductions in account balances and loss amounts should be indieated with a minus sign

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