E3-8 (Algo) Determining Accounting Equation Effects and Net Income [LO 3-2, LO 3-3] The following transactions occurred during a recent year: a. Paid wages of $900 for the current period (example). b. Borrowed $4,500 cash from local bank using a short-term note. c. Purchased $1,800 of equipment on credit. d. Earned $360 of sales revenue; collected cash. e. Recelved $720 of utilities services, on credit. f Earned $1,530 of service revenue, on credit g. Paid $270 cash on account to a supplier. h. Incurred $65 of travel expenses; paid cash. i. Earned $360 of service revenue; collected half in cash, with balance on credit. f. Collected $95 cash from customers on account. k. Incurred $280 of advertising costs; paid half in cash, with balance on credit. 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. 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. example. (Enter ary decreases to Assets, Labilities, and Stockholder's Equity with a minus sign.)