Question: Question 41 (3 points) Transactions that affect cash do not necessarily affect net income. Identify the effect, if any, that each of the follow transactions

Question 41 (3 points) Transactions that affect cash do not necessarily affect net income. Identify the effect, if any, that each of the follow transactions would have on NET INCOME. Example: Purchased $130 of supplies for cash. Answer: $0 1. Recorded an adjusting entry to record use of $3,000 of supplies purchased four months ago 2. Made sales of $20,000 on account 3. Received $18,000 from customers in payment of their accounts 4. Purchased equipment for cash, $100,000 5. Recorded depreciation of building for the month. $9.000 A A

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