Cintu is a large marketer and distributor of food service products serving restaurants, hotels, schools, hospitals, and other institutions. The following transactions are typical of those that occurred in a recent year, but the amounts are simplified. a. Borrowed $111,500 from a bank, signing a short-term note payable. b. Provided $106,800 in service to customers, with $101,000 on account and the rest received in cash. c. Purchased equipment for $163,000 in cash. d. Incurred and paid employee wages of $2,850. e. Received $515 on account from a customer. f. Incurred and paid $5,150 cash for travel costs during the year. g. Paid $9,800 cash on accounts payable. h. Incurred $22,800 in utility expenses during the year, of which $16,600 was paid in cash and the rest owed on account. Required: 1. For each of the above transactions, prepare accrual basis journal entries. 2. Calculate 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 above transactions, prepare accrual basis journal entries. (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 2 3 4 5 6 7 8 Borrowing of $111,500 from a bank, signing a short-term note payable. Record the transaction. Note: Enter debits before credits. Transaction Credit General Journal Cash Notes Payable (short-term) Debit 111,500 a. 111,500 Record entry Clear entry View general journal Required 1 Required 2 >