The following transactions occurred during a recent year: 8. Paid wages of $1,450 for the current period (example). b. B

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The Following Transactions Occurred During A Recent Year 8 Paid Wages Of 1 450 For The Current Period Example B B 1 (47.96 KiB) Viewed 36 times

The Following Transactions Occurred During A Recent Year 8 Paid Wages Of 1 450 For The Current Period Example B B 2 (50.58 KiB) Viewed 36 times

The following transactions occurred during a recent year: 8. Paid wages of $1,450 for the current period (example). b. Borrowed $7,250 cash from local bank using a short-term note. c. Purchased $2,900 of equipment on credit. d. Earned $580 of sales revenue; collected cash. e. Received $1,160 of utilities services, on credit. f. Earned $2,450 of service revenue, on credit. g. Paid $435 cash on account to a supplier. h. Incurred $100 of travel expenses; paid cash. i. Earned $580 of service revenue; collected half in cash, with balance on credit. j. Collected $160 cash from customers on account. k. Incurred $420 of advertising costs; paid half in cash, with balance on credit.
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 am example. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.) Transaction Assets Liabilities Stockholders' Equity Salases and Wages Expense 0,450) Cash (1450) - b Cash 250 7,250-Notes Payable (short tem) 2,900-Cash Equipment 2,900. Cash 580- Accounts Receivable 1,160-Cash Cash 2,450- Accounts Payable 435-Cash -Cash d .. L 9 X A 1 a,160) (435)