Prepare an answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance sheet category and on net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (). Transaction ahas been done as an illustration. Net income is not affected by every transaction. In some cases only one column may be affected because all of the specific accounts affected by the transaction are included in that category.

g.Sold 20 of the items purchased (in e and f) and recognized the cost of goods sold using the LIFO cost flow assumption. Perpetual inventory is maintained.

h.Paid a one-year insurance premium of $1,440 that applied to the next fiscal year.

i.Recognized insurance expense related to the preceding policy during the first month of the fiscal year to which it applied.

current assets current liabilities stockholders equily net income