brand names, such as Moth, Lovlies, Walkers, and Bill Ladde. The following transactions occurred during a recent month.

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Brand Names Such As Moth Lovlies Walkers And Bill Ladde The Following Transactions Occurred During A Recent Month 1 (23.75 KiB) Viewed 45 times

brand names, such as Moth, Lovlies, Walkers, and Bill Ladde. The following transactions occurred during a recent month. a. Made cash sales of $56,000 (example). b. Purchased $3,700 of additional supplies on account. c. Borrowed $67,600 on long-term notes. d. Purchased $25,500 in additional equipment, paying in cash. e. Incurred $31,200 in selling expenses, paying two-thirds in cash and owing the rest on account. Paid $9,600 in rent for this month, and also paid $9,600 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. Camale