[The following information applies to the questions displayed below) Suppose your company sells goods for $340, of which $220 is received in cash and $120 is on account. The goods cost your company $133 and were paid for in a previous period. Your company also recorded salaries and wages of $90, of which only $34 has been paid in cash. value: 0.85 points Required: 1. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 > Record the sales revenue of $220 for cash and $120 on account and record the cost of goods sold of $133 using one journal entry. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal 2. Calculate the amount that should be reported as net cash flow from operating activities 3. Calculate the amount that should be reported as net income. Net Income 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). (Amounts to be deducted should be indicated with a minus sign.) Net Income Increase in Accounts Receivable Decrease in Inventory Increase in Salaries and Wages Payable Net Cash Flow from Operating Activities $ 0