$=3-9($Static$)$ Determining Accounting Equation Effects and Net Income $[$LO $3-2,$ LO $3-3]$

Nolverine World Wide, Incorporated, manufactures military, work, sport, and casual footwear and leather accessories under a variety of Jrand names, such as Caterpillar, Hush Puppies, Wolverine, and Steve Madden. The following transactions occurred during a recent nonth.

Made cash sales of $$49,000($example$).$

Purchased $$3,000$ of additional supplies on account.

:$.$ Borrowed $$58,000$ on long$-$term notes.

Purchased $$18,600$ in additional equipment, paying in cash.

:$.$ Incurred $$27,000$ in selling expenses, paying two$-$thirds in cash and owing the rest on account.

f$.$ Paid $$4,700$ in rent on the last day of this month, and also paid $$4,700$ for next month's rent.

$$equired:

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 company's preliminary net income.

Complete this question by entering your answers in the tabs below.

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 eact accrual basis. Include revenues and expenses as subcategories of stockholders' equity, as shown for the first transaction, which is provided as an example. $($Ente Assets, Liabilities, and Stockholder's Equity with a minus sign.$)$

$\backslash$table$[[$Transaction$,$Assets,$=,$Liabilities,,Stockholders' Equity$],[$a$.,$Cash,$49,000,=,,],[$b$.,,=,,,]]$