Maurice Tutor

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    Phoniex University
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Category > Accounting Posted 27 Sep 2017 My Price 6.00

Identifying Revenues

Identifying Revenues

The following transactions are July 2011 activities of Bob’s Bowling, Inc., which operates several bowling centers (for games and equipment sales). If revenue is to be recognized in July, indicate the revenue account title and amount. If revenue is not to be recognized in July, explain why.

Activity

Revenue Account Title and Amount

a. Bob’s collected $11,000 from customers for games played in July.

  

b. Bob’s sold bowling equipment inventory for

$6,000; received $4,000 in cash and the rest on account. [The cost of goods sold (expense) re- lated to these sales is in M3-4e.]

  

c. Bob’s received $1,500 from customers on ac- count who purchased merchandise in June.

  

d. The men’s and ladies’ bowling leagues gave Bob’s a deposit of $1,600 for the upcoming fall season.

Answers

Maurice Tutor
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Status NEW Posted 27 Sep 2017 12:09 AM My Price 6.00

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