me: Date: 1. Use the following accounts and information to prepare, in good form, an income statement, statement of retained earnings, and balance sheet for Cray Enterprises for the year ended December 31, 20x8. Accounts Payable $4,800 Land $39,000 Accounts Receivable 600 Notes Payable 6,000 Buildings 52,000 Rent Expense 3,600 Cash 26,200 Retained Earnings, 84,400 December 31, 20x7 Commissions Earned 19,000 Salaries Expense 8,400 Common Stock 20,000 Supplies 400 Dividends 3,000 Insurance Expense 1,000 2. In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write "no entry." Omit explanations. 6 Pus Nov. 1 Investors opened a dance school called Olga's Dance Studio by depositing $24,000 into a business bank account in exchange for 24,000 shares of $par value stock. 2 Paid three months' rent in advance, $2,400. 4 Hired a part-time assistant to be paid $275 per week. Purchased sound equipment for $4,200. Paid $600 in cash, the remainder to be paid in installments of $1,200 every two weeks. 8 Signed up ten students, who will begin lessons on November 10, at $100 per week per student.. 17 Received the first week's tuition from nine students; the tenth student will remit payment in three days. 17 Paid the assistant his first week's wages. 20 Received payment from the tenth student. 20 Paid the next installment on the sound equipment purchased on November 6. 23 Received an electric bill of $150, to be paid on December 1. Date Description General Journal Post. Ref. Page 1 Credit Debit