Answer Happy

Badger World Wide, Incorporated, manufactures military, work, sport, and casual footwear and leather accessories under a variety of brand names, such as Moth, Lovlies, Walkers, and Bill Ladde. The following transactions occurred during a recent month. a Made cash sales of $49,800 (example). b. Purchased $3,800 of additional supplies on account. c. Borrowed $61,600 on long-term notes. d Purchased $23,200 in additional equipment, paying in cash. e Incurred $33,000 in selling expenses, paying two-thirds in cash and owing the rest on account. r Paid $6,900 in rent for this month, and also paid $6,900 for next month. 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. Answer is complete but not entirely correct.
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, schown for the fest transaction, which is provided as an example. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.) Show less & Transaction Assets Llabilities Stockholders Equity a 49,800 Sales Revenue 49,800 Cash Supplies b. 3,800 = 61,600 - Accounts Payable Notes Payable (long term) 3,800+ 61,600+ Cash Cash (23,200)- + Equipment 23,200. Cash Accounts Payable 11,000+ (11.000) Selling Expense Rent Expense 6,900 Cash . Rent Expense 6,900 Prepaid Rent Required 2 > C d. d. e. f. f Ⓒ (22.000) (6,900) (6,900) O