BE3.2 (LO 1), C Transactions that affect net income do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. a. Purchased $100 of supplies for cash. b. Recorded an adjusting entry to record use of $20 of the above supplies. c. Made sales of $1,300, all on account. d. Received $800 from customers in payment of their accounts. e. Purchased equipment for cash, $2,500. f. Recorded depreciation of building for period used, $600. Indicate why adjusting entries are needed. BE3.2 (LO 1), C Transactions that affect net income do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. Cash Net Income $0 $100 supplies for cash. ing entry to record use supplies. o, all on account. n customers in payment nt for cash, $2,500. ion of building for Indicate why adjusting entries are needed