a. Paid wages of $1,600 for the current period (example). b. Borrowed $8,000 cash from local...

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a. Paid wages of $1,600 for the current period (example). b. Borrowed $8,000 cash from local bank using a short-term note. c. Purchased $3,200 of equipment on credit. d. Earned $640 of sales revenue; collected cash. e. Received $1,280 of utilities services, on credit. f. Earned $2,700 of service revenue, on credit. g. Paid $480 cash on account to a supplier. h. Incurred $110 of travel expenses; paid cash. i. Earned $640 of service revenue; collected half in cash, with balance on credit. J. Collected $180 cash from customers on account. k. Incurred $460 of advertising costs; paid half in cash, with balance on credit. Required: 1. 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. 2. 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 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. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.) Transaction a. Cash b. C. d. e. f. g. h. i. i. j. j. k. Assets (1,600) = Liabilities Stockholders' Equity + Salaries and Wages Expense (1,600) < Required 1 Required 2 > a. Paid wages of $1,600 for the current period (example). b. Borrowed $8,000 cash from local bank using a short-term note. c. Purchased $3,200 of equipment on credit. d. Earned $640 of sales revenue; collected cash. e. Received $1,280 of utilities services, on credit. f. Earned $2,700 of service revenue, on credit. g. Paid $480 cash on account to a supplier. h. Incurred $110 of travel expenses; paid cash. i. Earned $640 of service revenue; collected half in cash, with balance on credit. J. Collected $180 cash from customers on account. k. Incurred $460 of advertising costs; paid half in cash, with balance on credit. Required: 1. 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. 2. 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 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. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.) Transaction a. Cash b. C. d. e. f. g. h. i. i. j. j. k. Assets (1,600) = Liabilities Stockholders' Equity + Salaries and Wages Expense (1,600) < Required 1 Required 2 >

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Answer Paid wages of 1600 for the current period This decreases the Wages Expense account by 1600 b Borrowed 8000 cash from a local bank using a short... View the full answer