Help Required: Explain how each of the following events or series of events and the related adjustments will affect the amount of net income and amount of cash flow from operating activities reported on the year-end financial statements. Identify the direction of change (increa decrease) and the amount of the change. Organize your answers according to the following table. The first event is recorded as am example. If an event does not have a related adjustment, record only the effects of the event. Note: Not all cells require entry. Do not round intermediate calculations and round your final answers to nearest whole dollar amount. a. Paid $2,200 cash on October 1 to purchase a one-year insurance policy. b. Purchased $1,350 of supplies on account. Paid $750 cash on accounts payable. The ending balance in the Supplies account, af adjustment, was $250. c. Provided services for $7,300 cash. d. Collected $10,600 in advance for services to be performed in the future. The contract called for services to start on May 1 and to continue for one year. e. Accrued salaries amounting to $3,000. f. Sold land that cost $17,600 for $17,600 cash. g. Acquired $50,000 cash from the issue of common stock. h. Earned $11,500 of revenue on account. Collected $10.350 cash from accounts receivable. 1. Paid cash operating expenses of $1,100. Net Income Event/ Cash Flows from Operating Activities Adjustment Direction of Change Amount of Change Direction of Amount of Change Change Decrease $ 2,200 8. $ 550 Adjustment Decrease b. Adjustment C. Prev 7 of 10 Next >