M3-15 Preparing Accrual Basis Journal Entries for Business Activities An auto body repair shop has been in business for twenty-three years. Prepare journal entries for the following transactions, which occurred during a recent month, and determine the auto body shop's preliminary net income. a. Shop signed a long-term note and received a $150,000 loan from a local bank. b. Shop billed a customer $2,000 for repair services just completed. Payment is expected in forty-five days. c. Shop wrote a cheque for $600 of rent for the current month. d. Shop received $450 cash from a customer for work done the same day. e. The company incurred $400 in advertising costs for the current month and is planning to pay these costs next month.