Choice Chicken Company was organized on January 1, 2014. At the end of the first quarter (three months) of operations, the owner prepared a summary of its activities as shown in the first row of the following tabulation:

Required:1. For each of the six transactions given in this tabulation, enter what you consider the correct amounts. Enter a zero when appropriate. The first transaction is illustrated.2. For each transaction. explain the basis for your dollarresponses.

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Computation of Summary of Transactions Income Cash a. Services performed for customers, $85,000, of which $15,000 remained uncollected at the end of the quarter. +$85,000+$70,000 b. Cash borrowed from the local bank, $25,000 (one-year note) c. Small service truck purchased at the end of the quarter to be used in d. Wages earned by employees, S36,000, of which one-sixth remained e. Service supplies purchased for use in the business, S4,000 cash, of f Other operating expenses, $31,000, of which one-half remained unpaid Based only on these transactions, compute the following for the quarter: the business for two years starting the next quarter: cost, $8,000 cash. unpaid at the end of the quarter. which $1,000 were unused (still on hand) at the end of the quarter. at the end of the quarter. Income (or loss) Cash inflow (or outflow)