7. 0.22 points E12-2 Understanding the Computation of Cash Flows from Operating Activities (Indirect Suppose your company sells services of $180 in exchange for $110 cash and $70 on account. Required: 1. Prepare the jounal entry to record this transaction. (If no entry is required for a transaction/event select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the service revenue of $110 for cash and $70 on account. Note: Enter debits before credits Debit Reoord entry View general journal O Type here to search DIl 4 QlwE 2. Identify the amount that should be reported as net cash flow from operating activities. et Cash Flow 3. Identify the amount that would be included in net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). (Amounts to be deducted should be indicated by minus sign.) Net Income 41 Net Cash Flow from Operating Activities Hints References eBook & Resources Type here to search Dll