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Question 2 (15%) This information relates to Cashew Real Estate Agency. Stockholders invested $35,000 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $36,000. 3 Buys equipment for $3,500 on account 6 Sells a house and lot for M Springer, commissions due from Springer, $10,000 (not Nov. 1 paid by Springer at this time) Receives cash of $140 as commission for acting as rental agent renting an apartment 10 27 Pays $700 on account for the equipment purchased on October 3 30 Pays the administrative assistant $3,000 in salgry for October Instructions: (a) Journalize the transactions. Do not provide explanations. (b) Post the transactions to T accounts.

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Journal Entries Date Account Title and Explaination Post. Ref. Debit Credit Nov.1 Cash $35,000.00 Common Stock S35,000.00 (To record Issue of Common Stock) Nov.2 No Entry required for Hiring a administrative Assistant Nov.3 Equipment $3,500.00 Accounts Pavable $3,500.00 To record purchase of Equipment) Nov.6 Accounts Receivable $10,000.00 Commission Revenue S10,000.00 To record Commission Income)Nov.10Cash $140.00 Commission Revenue $140.00 To record Commission Income) Accounts Payable To record Partial Repayment of Due) $700.00 Nov.27 Cash $700.00 Nov.30Salaries Expenses S3.000.00 Cash S3,000.00 To record Salaries Expense)

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