Question

The following transactions are July 2014 activities of Craig's Bowling, Inc, which operates several bowling centers (for games and equipment sales) Craig's sold bowling merchandise costing $3, 990 (Do not consider sales revenue for this question.] Craig's paid $3, 100 on the electricity bill for June (recorded as expense in June) Craig's paid $3, 200 to employees for work in July Craig's purchased $2, 100 in insurance for coverage from July 1 to October 1 Assume that the purchase of the insurance has already been recorded Craig's paid $2,000 to plumbers for repairing a broken pipe in the restrooms Craig's received the July electricity bill for $3, 300 to be paid in August. For each of the following transactions, complete the tabulation indicating the amount and net effect (+ for increase and – for decrease) of each transaction (Remember that A = L + SE, R – E-NI, and Nl affects SE through Retained Earnings) The first transaction is provided as an example.

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