Using the column headings provided below, show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the amount and indicating whether it is an addition (*) or subtraction (-), Items that affect net income should not be shown as affecting stockholders' equity, NOTE: Do not use dollar signs or commas, any box left empty MUST have a zero in it. 1. The firm borrowed $4,000 from the bank a short-term note was signed. 2. Merchandise inventory costing $1,500 was purchased; cash of $400 was paid and the balance is due in 30 days. 3. Employee wages of $2,000 were accrued at the end of the month. DO 4. Merchandise that cost $700 was sold for $900 in cash. 5. This month's rent of $1,400 was paid. 6. Revenues from services during month totaled $13,000. Of this amount, $4,000 was received in cash and the balance is expected to be received within 30 days. 7. During the month, supplies were purchased on account at a cost of $1,040. A total of $800 of 8. Interest of $480 is owed on the notes payable but not yet recorded or paid. Transaction Assets Liabilities Stockholders' Equity # Net Income 1. 2. 3. 4 5. 6. 7. 8