Homle work CHAPTER2 PRACTICE QUESTIONS: ADDITIONAL TRANSACTION ANALYSIS Instructions: For each item below show the effect on net income, if any, and the Balance Sheet APPENDIX Numbers (1) and (2) are completed for yew. 1. Purchased $150,000 of office supplies by immediately paying cash. Supplies on-hand t Cash *Total assets are unchanged No effect on net income ,nis i ver 2. Used up $70,000 of the supplies during the normal course of operation. Supplies expense Supplies on-hand Total assets . Net income RE Net incone Co Phe ifan 3. Received a utility bill for $35,000 which we immediately entered into our voucher temfo be processed for payment (AiP 4. Paid the $35,000 utility bill 30 days after receipt of the bill