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.

1. Borrowed $101,000 from a bank, signing a short-term note payable.
2. Provided $106,300 in service to customers, with $100,100 on account and the rest received in cash.
3. Purchased equipment for $146,000 in cash.
4. Incurred and paid employee wages of $2,450.
5. Received $430 on account from a customer.
6. Incurred and paid $4,850 cash for travel costs during the year.
7. Paid $9,100 cash on accounts payable.
8. Incurred $24,300 in utility expenses during the year, of which $18,800 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 companys preliminary net income.