Answer the following independent questions including computations (if needed) or examples supporting your answers. (4 questions *5 marks=20 marks) 1 Zulu's Market recorded the following events involving recent transactions of merchandise: June 1: Received goods for $50,000, terms 2/10, n/30. June 2: Returned $1,000 of the shipment for credit. June 2: Paid $250 freight on the shipment. June 12: Paid the invoice. June 13: Payment of $100 freight on goods sold. As a result of these events, what would be the impact on the company's merchandise inventory? Demonstrate with calculation. II. A candy factory's employees work overtime to finish an order that is sold on February 28. The office sends a statement to the customer in early March and payment is received by mid-March. When the overtime wages should be expensed in?- Explain your rationale. III. A law firm received $2,000 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Legal Fees. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, what impact would it have on revenue? Is it necessary to conduct adjustment process if the trial balance debit and credit columns balances are equal?-Explain briefly. If Income Summary has a credit balance after revenues and expenses have been closed into it, the closing entry for Income Summary will include a credit to the owner's capital account. - Do you agree with this? Why or why not? -Explain IV