Required Explain how each of the following events or series of events and the related adjusting entry will affect the amount of net income and the amount of cash flow from operating activities reported on the year end financial statements. Identify the direction of change (increase or decrease) and the amount of the change. If there is no change, leave the cell blank. Organize your answers according to the following table. The first event is recorded as an example. If an event does not have a related adjusting entry.record only the effects of the event. (Not all cells will require entry. Do not round Intermediate calculations.) . Paid $2,500 cash on October 1 to purchase a one-year insurance policy. b. Purchased $1,100 of supplies on account. Paid $750 cash on accounts payable. The ending balance in the Supplies account, after adjustment, was $350. c. Provided services for $7,800 cash. d. Collected $10,800 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 $3,200 t. Sold land that cost $17.700 for $17.700 cash, 2. Acquired $48,500 cash from the issue of common stock h. Earned $10700 of revenue on account Collected $9.630 cash from accounts receivable 1. Pald cash for other operating expenses of $1,850. Net Income Cash Flows from Event Operating Activities Adjustment Direction of Amount of Direction of Amount of Change Change Change Change Decrease 2.300 Adj Decrease 025 Decrease 1.700 Decrease 500 Adi Increase Increase Ad Increase d Increase Ad increase e Increase Adi Increase Increase Ad increase o increase Ad increase Increase Ad increase Increase Ad increase