Chapter 3 & 4 Quiz Sound 3 Badger World Wide, Incorporated, manufactures military, work, sport, and casual footwear and leather accessories under a variety of brand names, such as Moth, Loviles, Walkers, and Bill Ladde. The following transactions occurred during a recent month. a. Made cash sales of $56,000 (example) b. Purchased $3,700 of additional supplies on account c. Borrowed $67,600 on long-term notes d. Purchased $25,500 in additional equipment, paying in cash e, incurred $31,200 in selling expenses, paying two thirds in cash and owing the rest on account Pald $9,600 in rent for this month, and also poid $9,600 for next month. Required: 1. For each of the transactions, complete the following table, 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, 2. Determine the company's preliminary net income. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each of the transactions, complete the following table, indicating the account, amount, and direction of the effect (+ for increase and for decrease) of each transaction under the moral basis. Include revenues and expenses as subcategories of stockholders equity, as shown for the first transaction which is provided as an example (Enter any decreases to Assets, ains, and Stockholders Equity with a minus) Asset Transaction Cash b Stockholders' Equity Sales Revenue 68,000 56,000 d . d e