0.62 points eBook Hint References The following transactions occurred during a recent year: a. Paid wages of $550 for the current period (example). b. Borrowed $2,750 cash from local bank using a short-term note. c. Purchased $1,100 of equipment on credit. d. Earned $220 of sales revenue; collected cash. e. Received $440 of utilities services, on credit. f. Earned $950 of service revenue, on credit. g. Paid $165 cash on account to a supplier. h. Incurred $40 of travel expenses; paid cash. i. Earned $220 of service revenue; collected half in cash, with balance on credit. j. Collected $70 cash from customers on account. k. Incurred $180 of advertising costs; paid half in cash, with balance on credit. Required: 1. For each of the transactions, complete the following table, indicating the account, amount, and direction of t and for decrease) of each transaction under the accrual basis. Include revenues and expenses as subcate- equity, as shown for the first transaction, which is provided as an example. 2. Determine the company's preliminary net income. - Complete this question by entering your answers in the tabs below. Required 1 Required 2 Drow 1 of 8 Next >

The following transactions occurred during a recent year: a. Paid wages of $550 for the current period (example). b. Borrowed $2,750 cash from local bank using a short-term note. c. Purchased $1,100 of equipment on credit. d. Earned $220 of sales revenue; collected cash. e. Received $440 of utilities services, on credit. f. Earned $950 of service revenue, on credit. g. Paid $165 cash on account to a supplier. h. Incurred $40 of travel expenses; paid cash. i. Earned $220 of service revenue; collected half in cash, with balance on credit. j. Collected $70 cash from customers on account. k. Incurred $180 of advertising costs; paid half in cash, with balance on credit. Required: 1. For each of the transactions, complete the following table, indicating the account, amount, and direction of and - for decrease) of each transaction under the accrual basis. Include revenues and expenses as subcat equity, as shown for the first transaction, which is provided as an example. 2. Determine the company's preliminary net income. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. For each of the transactions, complete the following table, indicating the account, amount, and direction of the effect ( + for increase and - for transaction under the accrual basis. Include revenues and expenses as subcategories of stockholders' equity, as shown for the first transaction example. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.) Complete this question by entering your answers in the tabs below. Determine the company's preliminary net income