Explain how each of the following events or series of events and the related adjusting entry will

Question:

Explain how each of the following events or series of events and the related adjusting entry will affect the amount of net income and the amount of cashflowfrom operating activities reported on the year- end financial statements. Identify the direction of change (increase, decrease, or NA) and the amount of the change. Organize your answers according to the following table. The first event is recorded as an example. If an event does not have a related adjusting entry, record only the effects of the event.

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a. Acquired $$50,000$ cash from the issue of common stock.

b. Earned $$12,000$ of revenue on account. Collected $$10,000$ cash from accounts receivable.

c. Paid $$2,400$ cash on October 1 to purchase a one-year insurance policy.

d. Collected $$9,600$ in advance for services to be performed in the future. The contract called for services to start on August 1 and to continue for one year.

e. Accrued salaries amounting to $$4,000$.

f. Sold land that cost $$15,000$ for $$15,000$ cash.
g. Provided services for $$7,500$ cash.
h. Purchased $$1,200$ of supplies on account. Paid $$1,000$ cash on accounts payable. The ending balance in the Supplies account, after adjustment, was $$300$.
i. Paid cash for other operating expenses of $$1,500$.