Mini-Exercise 4-3 (Static) Record transactions and adjustments LO 4-2, 4-6, 4-7 The transactions and adjustments related to the first month of operations of Zoe Amelia Corporation were as follows: Required: For the transactions/adjustments given below show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on net income by indicating the account name(s) affected and whether each is an addition (+) or subtraction (-). Items that affect net income should not be shown as affecting stockholders' equity. Transaction or Adjustment a. Issued common stock to the initial stockholders in exchange for their cash investment. b. Signed a lease for office space and paid the first three months of rent in advance. b. Signed a lease for office space and paid the first three months of rent in advance. c. Purchased office equipment and shelving for cash. c. Purchased office equipment and shelving for cash. d. Purchased merchandise inventory; made a partial payment in cash, and agreed to pay the balance within 30 days. d. Purchased merchandise inventory; made a partial payment in cash, and agreed to pay the balance within 30 days. e. Sold merchandise inventory on account for an amount greater than the cost of the inventory sold. e. Sold merchandise inventory on account for an amount greater than the cost of the inventory sold. f. Paid employees for the first two weeks of the month. g. At the end of the month, accrued wages owed to employees for the second two weeks of the month. h. Recognized rent expense for one month of the payment of rent in advance in transaction b (as a reclassification adjusting entry). I + + + + + + + + + + SE Net Income