E3-10 Recording Journal Entries and Determining Net Income [LO 3-2, LO 3-3) 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 $125,000 from a bank, signing a short-term note payable. b. Provided $102,600 in service to customers, with $97.400 on account and the rest received in cash. c. Purchased equipment for $175,000 in cash. d. Incurred and paid employee wages of $2,250. e. Received $745 on account from a customer. f. Incurred and paid $4,200 cash for travel costs during the year. g. Paid $8,000 cash on accounts payable. h. Incurred $22,500 in utility expenses during the year, of which $16.900 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 Calculate the company's preliminary net income. Preliminary Not Income