The following transactions occurred during a recent year a. Paid wages of $550 for the current period (example) b. Borrowed $2750 cash from local bank using a short-term note. c. Purchased $1,100 of equipment on credit d. Earned $220 of sales revenue; collected cash e. Received $440 of utilities services, on credit. Earned $950 of service revenue, on credit g. Paid $165 cash on account to a supplier h. Incurred $40 of travel expenses; paid cash. 1. Earned $220 of service revenue, collected half in cash, with balance on credit. . Collected $70 cash from customers on account kincurred S180 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 it 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 For each of the transactions, complete the following table, indicating the account, amount, and direction of the effect for increase and for decrease) of cach 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 account balances with a minus sign) For each of the transactions, complete the following table, indicating the account, amount, and direction of the effect (+ for increase and for decrease) of cach 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 account balances with a minus sign) Show less Stockholm Salaries and Wages Expense Cash (550) 1552 C 0 Required 2 h. Incurred $40 of travel expenses; paid cash. 1. Earned $220 of service revenue: collected half in cash, with balance on credit. J. Collected $70 cash from customers on account k. Incurred $180 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 incre and - for decrease) of each transaction under the accrual basis. Include revenues and expenses as subcategories of stockhold 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: Required 2 Determine the company's preliminary net income. Probiminary Net Income