The following transactions occurred during a recent year a Paid wages of $400 for the current period (example). Borrowed

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The Following Transactions Occurred During A Recent Year A Paid Wages Of 400 For The Current Period Example Borrowed 1 (16.61 KiB) Viewed 53 times

The Following Transactions Occurred During A Recent Year A Paid Wages Of 400 For The Current Period Example Borrowed 2 (16.61 KiB) Viewed 53 times

The Following Transactions Occurred During A Recent Year A Paid Wages Of 400 For The Current Period Example Borrowed 3 (29.76 KiB) Viewed 53 times

The Following Transactions Occurred During A Recent Year A Paid Wages Of 400 For The Current Period Example Borrowed 4 (9.86 KiB) Viewed 53 times

The following transactions occurred during a recent year a Paid wages of $400 for the current period (example). Borrowed $2,000 cash from local bank using a short-term note. Purchased $800 of equipment on credit. d. Earned $160 of sales revenue, collected cash e Received $320 of utlities services, on credit. Earned $700 of service revenue, on credit 9. Pad $120 cash on account to a supplier. h. Incurred $30 of travel expenses; paid cash Earned $160 of service revenue; collected half in cash, with balance on credit. /Collected $60 cash from customers on account. k Incurred $140 of advertising costs; paid half in cash, with balance on credit Required: MY 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.) Show Transaction Assots Stockholders' Equity R Cash (400) Salaries and Wages Expense (400) Cash 2,000Notes Payable (short-term) Accounts Payable 2.000 800- 800 Cash 160- Sales Revenue 160 Uites Expense 320-Accounts Payable 320. Service Revenue 700-Accounts Payable 700 Cash (120) (120)-Accounts Payable (30) Travel Expense Cash (30) W W W T . b C d e 9 h L 1 1 J k . Required 2 >
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the company's preliminary net income. Priminary Net Income < Required 1