The following transactions occurred during a recent year: a. Paid wages of $1,000 for the current period (example). b. Borrowed $5,000 cash from local bank using a short-term note. c. Purchased $2,000 of equipment on credit. d. Earned $400 of sales revenue; collected cash. e. Received $800 of utilities services, on credit. f. Earned $1,700 of service revenue, on credit. g. Paid $300 cash on account to a supplier. h. Incurred $70 of travel expenses; paid cash. i. Earned $400 of service revenue; collected half in cash, with balance on credit. j. Collected $100 cash from customers on account. k. Incurred $300 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 a 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 account bala a minus sign.) Transaction Assets Liabilities Stockholders' Equity Salaries and Wages Expense (1,000) Cash Cash Equipment (1,000) 5,000 2,000 400 Notes Payable (short-term) Accounts Payable 5,000 2,000 Cash Accounts Payable 800 Sales Revenue Utilities Expense Service Revenue 400 (800) 1,700 Accounts Payable 300 X Accounts Receivable Cash Cash Cash Accounts Receivable Cash Accounts Receivable 1,700 (300) (70) 400 X 400 X 100 (100) (300) k. Cash Accounts Payable 300 X Advertising Expense (600) Required 1 Required 2 Determine the company's preliminary net Preliminary Net Income