Paid wages of $ 1 , 4 5 0 for the current period ( example ) .

Fantastic news! We've Found the answer you've been seeking!

Question:

Paid wages of $

1, 450

for the current period

(

example

) .

Borrowed $

7, 250

cash from local bank using a short

-

term note.Purchased $

2, 900

of equipment on credit.Earned $

580

of sales revenue; collected cash.Received $

1, 160

of utilities services, on credit.Earned $

2, 450

of service revenue, on credit.Paid $

435

cash on account to a supplier.Incurred $

100

of travel expenses; paid cash.Earned $

580

of service revenue; collected half in cash, with balance on credit.Collected $

160

cash from customers on account.Incurred $

420

of advertising costs; paid half in cash, with balance on credit. Required: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.Determine the companys preliminary net income.