Problem
Peter's Curling Inc. operates several curling centres (for games and equipment sales). The following transactions occurred in October of the current year:
a) Peter's collected $13,000 from customers for games played in October (example).
b) Peter's sold $7,000 in curling equipment inventory; received $3,000 in cash and the rest on account; cost of sales is $4,200.
c) Peter's received $2,500 from customers on account who purchased merchandise in September.
d) The curling league gave Peter's a deposit of $2,600 for the upcoming fall season.
e) Peter's paid $1,900 for the September electricity bill and received the October bill for $2,200 to be paid in November. Show net effect on Liabilities.
f) Peter's paid $4,700 to employees for work in October.
g) Peter's purchased $1,800 in insurance for coverage from October 1 to December 31.
h) Peter's paid $1,400 to plumbers for repairing a broken pipe in the washrooms.
Task
For each of the transactions above, complete the tabulation, indicating the amount of each transaction. (Remember that A = L + SE, R - E = NE, and NE affects SE through retained earnings.) The first transaction is provided as an example.