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The following transactions are July activities of Bennetts Bowling, Inc., which operates several bowling centers,...

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Accounting

The following transactions are July activities of Bennetts Bowling, Inc., which operates several bowling centers, offering customers lanes for games and merchandise for sale.

Bennetts provided to customers bowling merchandise inventory costing Bennetts $680. (Consider only the effect on cost of goods sold [expense] here. Do not consider sales revenue for this question.)

Bennetts paid $500 on the electricity bill for June (recorded as an expense in June).

Bennetts paid $3,600 to employees for work in July.

Bennetts purchased $1,500 in insurance for coverage from August 1 to November 1.

Bennetts paid $700 to plumbers for repairing a broken pipe in the restrooms.

Bennetts received the July electricity bill for $900 to be paid in August.

For each of the above transactions, complete the tabulation, indicating the amount and effect (+ for increase and for decrease) of each transaction. (Remember that A = L + SE; R E = NI; and NI affects SE through Retained Earnings.) (Reductions in account balances and loss amounts should be indicated with a minus sign.)

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