Clemons is a consulting company. It prepares monthly financial statements. The following are a sample of the transactions that occurred from May1-August 1. Assume the entry is recorded on the date stated. 1.May 1. Issued additional shares of stock for $40,000 cash.2.May 1. Paid April's wages of $42,000. 3.May 15. Purchased 10 automobiles, paid $6,000 down and will pay $194,000 over the next 5 years.4.May 20. Hired a new salesperson and signed a contract to pay her $75,000 per year plus a commission based on sales. She starts work in June. 5.May 27. Paid $125 for repair work done on the copy machine.6.May 28. Received $50,000 for consulting services performed in May.7.May 29. Paid June's rent of $7,000. 8.May 30. Received the utility bill for May for $1,200. Clemons will pay the bill in June.9.May 30. Record $2,000 of depreciation for May.10.June 1. Borrowed $150,000 from the bank on a 3-year Note Payable with 8% interest.11.June 6. Received $235,000 for services performed and billed in May.12.June 12. Paid a $20,000 dividend to the shareholders.13.June 23. Purchased $3,000 of office supplies on credit. The supply closet was empty at the end of May.14.June 24. Ordered new office furniture for $40,000. The furniture will ship in July.15.June 26. Received $100,000 for consulting services that will be performed in July.16.June 28. Performed a $20,000 consulting job and billed the client. The client will pay for the services in July.17.June 29. Hire a new employee and pay him his $3,000 July salary in advance. 18.June 30. Clemons pays $1,000 for interest on the note borrowed on June 1, and half of the principal.19.June 30. $1,450 of supplies are on the shelf at the end of June. Record the adjusting entry.20.June 30. Record the adjusting entry related to the May 29 entry.21.June 30. The salesperson hired on May 20 is entitled to 1% of the sales revenue she generated in that month. Her sales were $150,000 in June. She is paid her commission for each month on the 15th of the following month. (Assume her normal salary was paid in a transaction not included in this list.)22.July 1. Pay the $7,000 rent for July.23.July 14. The office furniture ordered on June 24 arrives, along with an invoice.24.July 15. The salesperson in transaction 21 is paid her commission check for June. 25.July 18. Clemons pays $400 for fresh flowers for a sales presentation.26.July 30. Clemons pays for the office furniture ordered on June 24 27.July 31. Record adjusting entry related to the June 26th transaction.28.July 31. Record adjusting entry related to the June 29th transaction.29.July 31. Record the adjusting entry related to the June 1 entry. Be sure to consider the payment on June 30. 30.July 31. Now $100 of supplies are on the shelf. Record the adjusting entry needed.31.August 1. One shareholder sells her stock in Clemons to another shareholder for $15,000.32.August 31, Clemons pays off the bank loan borrowed on June 1 along with interest due.

The linformation above ontains 30 transactions for Clemons company. These are the same transactions as in the Unit 2 Clemons forum, but we have a debit/credit twist now. Read the requirements before you post. A.) Please go in order and use the question number in the subject of your reply.

B.) Repeat the question (you can abbreviate) in your reply so people can follow your work.

C.) Repeat the correct answer to the transaction analysis from Unit 2.

D.) If cash was involved, indicate if the cash flow was an operating, investing, or financing activity.

E.) Put your answer in this format:

Example:

#Ex. Clemons paid $175 to have a machine repaired.

A: -175 Cash

L: NE [this means no effect]

E: -175 Retained Earnings for Repair Expense

Explanation: Transaction indicated item was "paid" which would mean cash goes down. This is a small repair so it would likely be immediately expensed.

Debit: Repair Expense

Credit: Cash

Operating cash outflow