Preparing Accrual Basis Journal Entries for Business Activities An auto-body repair shop has been in business for 23 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. Signed a long-term note and received a exist150,000 loan from a local bank. b. Billed a customer exist2,000 for repair services just completed. Payment is expected in 45 days. c. Wrote a check for exist600 of rent for the current month. d. Received exist450 cash from a customer for work done the same day. e. The company incurred exist400 in advertising costs for the current month and is planning to pay these costs next month