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The following transactions occurred during a recent year: a. Paid wages of $600 for the current period (example). b. Borrowed $3,000 cash from local bank using a short-term note. c. Purchased $1,200 of equipment on credit. d. Earned $240 of sales revenue; collected cash. e. Received $480 of utilities services, on credit. f Earned $1,030 of service revenue, on credit. g. Paid $180 cash on account to a supplier. h. Incurred $45 of travel expenses; paid cash. Earned $240 of service revenue; collected half in cash, with balance on credit. J. Collected $75 cash from customers on account. k. Incurred $200 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. 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 provided as an example. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.) Show less A Transaction Assets Liabilities Stockholders' Equity a. Cash (600) Salaries and Wages Expense (600) b * 4 . . + Required 2 > C d. e L 9 h L L J. J k B = S = Required 1 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 Determine the company's preliminary net income. Preliminary Net Income