He following transactions occurred during a recent year: 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. earned $160 of sales revenue; collected cash. received $320 of utilities services, on credit. earned $700 of service revenue, on credit. paid $120 cash on account to a supplier. 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. incurred $140 of advertising costs; paid half in cash, with balance on credit. required: for each of the transactions, complete the table below, 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. also, determine the company’s preliminary net income.