Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each...

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Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount reduces the account balance then enter with negative sign preceding the number eg.-15,000 or parentheses e.g. (15,000).) a. Purchased $120 of supplies for cash. b. Recorded an adjusting entry to record use of $35 of the above supplies. c. Made sales of $1,370, all on account. d. Received $700 from customers in payment of their accounts. e. Purchased equipment for cash, $2,450. f. Recorded depreciation of building for period used, $740. Cash Net Income -$120 $0 Ivanhoe Company's trial balance at December 31 shows Supplies $8,810 and Supplies Expense $0. On December 31, there are $2,090 of supplies on hand. (a1) Prepare the adjusting entry at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 Debit Credit Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (If an amount reduces the account balance then enter with negative sign preceding the number eg.-15,000 or parentheses e.g. (15,000).) a. Purchased $120 of supplies for cash. b. Recorded an adjusting entry to record use of $35 of the above supplies. c. Made sales of $1,370, all on account. d. Received $700 from customers in payment of their accounts. e. Purchased equipment for cash, $2,450. f. Recorded depreciation of building for period used, $740. Cash Net Income -$120 $0 Ivanhoe Company's trial balance at December 31 shows Supplies $8,810 and Supplies Expense $0. On December 31, there are $2,090 of supplies on hand. (a1) Prepare the adjusting entry at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 Debit Credit