The following transactions are July activities of Craig's Bowling, Inc. a. Craig's collected $13,200 from...
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The following transactions are July activities of Craig's Bowling, Inc. a. Craig's collected $13,200 from customers for games played in July. b, Craig's sold bowling merchandise inventory from its pro shop for $8,400; received $3,800 in cash and customers owed the rest on account. [The cost of goods sold (expense) related to these sales is $3,690.] c. Craig's received $2,300 from customers who purchased merchandise in June on account. d. The men's and ladies' bowling leagues gave Craig's a deposit of $1,800 for the upcoming fall season. e. Craig's paid $1,300 on the electricity bill for June (recorded as expense in June). f Craig's paid $5,300 to employees for work in July gCraig's purchased $1,740 in insurance for coverage from July 1 to October 1. (Part is an expense for July and part is a prepaid expense to be used in future months.) h. Craig's paid $1,600 to plumbers for repairing a broken pipe in the restrooms i. Craig's received the July electricity bill for $2,500 to be paid in August. Prepare an income statement for Craig's Bowling, Inc., for the month of July
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