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 $ 4,700 for next month.
Required:
For each of the transactions, complete the table below, indicating the account, amount, and direction of the effect (+ for increase and €“ for decrease) of each transaction under the accrual basis. Write NE if there is no effect. Include revenues and expenses as subcategories of stockholders€™ equity, as shown for the first transaction, which is provided as an example. Also, determine the company€™s preliminary net income.

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Transaction Assets Liabilities+ Stockholders' Equity (a) (example) Cash +49,000 NE Sales Revenue (+R) +49,000