Wolverine World Wide, Inc., manufactures military, work, sport, and casual footwear and leather accessories under a variety of brand names, such as Caterpillar, Hush Puppies, Wolverine, and Steve Madden. The following transactions occurred during a recent month. a Made cash sales of $49,000 (example). b. Purchased $3,000 of additional supplies on account. c. Borrowed $58,000 on long-term notes. d. Purchased $18,600 in additional equipment, paying in cash. e. Incurred $27,000 in selling expenses, paying two-thirds in cash and owing the rest on account. f. Paid $4,700 in rent for this month, and also paid $4,700 for next month. 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 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.) Transaction Assets = Liabilities + Stockholders' Equity Sales Revenue 49,000 Cash Supplies Cash Equipment Cash Accounts Payable Notes Payable (long-term) 3,000 58,000 49,000 3,000 58,000 18,600 (18,600) 58,000 4,700 X e. Cash Accounts Payable 29,000 X Selling Expense Rent Expense (87,000) (4,700) Cash Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the company's preliminary net income. Preliminary Net Income