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Posted: February 26th, 2023
Identifying RevenuesThe following transactions are July 2011 activities of Bobâs 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.ActivityRevenue Account Title and Amounta. Bobâs collected $11,000 from customers for games played in July.b. Bobâs 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. Bobâs received $1,500 from customers on ac- count who purchased merchandise in June.d. The menâs and ladiesâ bowling leagues gave Bobâs a deposit of $1,600 for the upcoming fall season.
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