Badger World Wide manufactures military, work, sport, and casual footwear and leather accessories under a variety of brand names, such as Caterpillar, Hush Puppies, Wolverine, and Steve Madden. The following transactions occurred during a recent month. a. Made cash sales of $51,000 (example). b. Purchased $4,450 of additional supplies on account. c. Borrowed $70,000 on long-term notes. d. Purchased $26,700 in additional equipment, paying in cash. e. Incurred $38,550 in selling expenses, paying two-thirds in cash and owing the rest on account f. Paid $8,400 in rent for this month, and $8,400 for next month. Required: 1. For each of the transactions, complete the table below, indicating the account, amount, and direction of the effect (+ for increase and - for decrease) of each transaction under the accrual basis. Include revenues and expenses as subcategories of stockholders' equity, as shown for the first transaction, which is provided as an example. Also, determine the company's preliminary net income. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity Transaction a. Cash 51,000 Sales Revenue 51,000