Homework i
a. Paid wages of $900 for the current period (example).
b. Borrowed $4,500 cash from local bank using a short-term note.
c. Purchased $1,800 of equipment on credit.
d. Earned $360 of sales revenue; collected cash.
e. Received $720 of utilities services, on credit.
f. Earned $1,530 of service revenue, on credit.
g. Paid $270 cash on account to a supplier.
h. Incurred $65 of travel expenses; paid cash.
i. Earned $360 of service revenue; collected half in cash, with balance on credit.
j. Collected $95 cash from customers on account.
k. Incurred $280 of advertising costs; paid half in cash, with balance on credit.
Required:
1. For each of the transactions, complete the following table, indicating the account, a
and - for decrease) of each transaction under the accrual basis. Include revenues a
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
Determine the company's preliminary net income.
