E3-8 Determining Accounting Equation Effects and Net Income [LO 3-2, LO 3-3] The following transactions occurred during a recent your a Fold wages of $1,700 for the currant porled jommpick. h Borrowed $11,500 each from local bank using a short term nota. : Purchased $3,400 of equipment an andin Earned $580 of shies nevanung collected cash. a Received $1360 of utlities services, on credit. * Earned $7,870 of service revenue, on credit Paid $510 mich on account in a supplier h. Incured film of travel expenses, paid cash. & I head told of service mewins: calacted hat In cuth, with balance on chat Callrema $530 cash from customer on hersent. & Incurred $410 of advertising costs, paid hall in cash, win bainica on credit Required 1 For each of the transactions, complete the following fable, Indicating the account, amount and direction of the effect (+ for Increase and = for decrease) of cuch transaction under the sectual basis. Include revenues and expenses as subcategories of stockholders' equby on shown for the first transaction, which is provided is an example. 2. Determine the company's picirminary netincome. Answer is complete and correct Complete this question by entering your answers in the tabs below. For much of the fromadions complete the following table, indicating the somuch amount, and direction of the ellet (+ for bageme and - for decrease) of watch transaction under the accrue buis Indude rever as and separat is subcategories of stockhoken' equity as when for the Aint brus on, which is provided an in crumple. (Inter ony decreases to socount balance with aiming sim.I Sincaholders' Equity Guinea and Wajpi Liparis 11 700