E3-8 Determining Accounting Equation Effects and Net Income [LO 3-2, LO 3-3] The following transactions occurred...

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E3-8 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 $1,600 for the current period (example). b. Borrowed $8,000 cash from local bank using a short-term note. c. Purchased $3,200 of equipment on credit. d. Earned $640 of sales revenue; collected cash. e. Received $1,280 of utilities services, on credit. f. Earned $2,700 of service revenue, on credit. g. Paid $480 cash on account to a supplier. h. Incurred $110 of travel expenses; paid cash. Earned $640 of service revenue; collected half in cash, with balance on credit. J. Collected $180 cash from customers on account. k. Incurred $460 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. 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 accrual basis. Include revenues and expenses as subcategories of stockholders' equity, as shown for the first transaction, which is nvidar as an evamnle (Enter any decreases tn arrnunt halanres with a minus einn V E3-8 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 $1,600 for the current period (example). b. Borrowed $8,000 cash from local bank using a short-term note. c. Purchased $3,200 of equipment on credit. d. Earned $640 of sales revenue; collected cash. e. Received $1,280 of utilities services, on credit. f. Earned $2,700 of service revenue, on credit. g. Paid $480 cash on account to a supplier. h. Incurred $110 of travel expenses; paid cash. Earned $640 of service revenue; collected half in cash, with balance on credit. J. Collected $180 cash from customers on account. k. Incurred $460 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. 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 accrual basis. Include revenues and expenses as subcategories of stockholders' equity, as shown for the first transaction, which is nvidar as an evamnle (Enter any decreases tn arrnunt halanres with a minus einn V