Check my work The following transactions occurred during a recent year. a. Paid wages of $1,250 for the current period (example). b. Borrowed $6,250 cash from local bank using a short-term note. c. Purchased $2,500 of equipment on credit. d. Earned $500 of sales revenue; collected cash. e. Received $1,000 of utilities services, on credit. f. Earned $2,120 of service revenue, on credit. g. Pald $375 cash on account to a supplier. h. Incurred $85 of travel expenses; paid cash. 1. Earned $500 of service revenue; collected half in cash, with balance on credit. J. Collected $130 cash from customers on account. k. Incurred $360 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. 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 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. (Enter any decreases to account balances with a minus sign.) Stockholders Oy Required 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 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 minus sign. Assets Liabilities Stockholders' Equity Salaries and Wages Expense a. Cash (1,250) (1,250) Required 2 > Required 1 Required 2 Determine the company's preliminary net income. Preliminary Net Income