Question 2 (25 marks) Transactions for Sand Company are presented below. Identify each transaction by number. 1. The company issued common stock in exchange for $500,000 cash. 2. Hired an employee to be paid $2,000 per week, starting tomorrow. 3. Purchased $8,000 of supplies on account. 4. Purchased equipment for $60.000, paying $40,000 in cash and signed a 30-day, $20,000, note payable. 5. Performed services for a customer on account for $60,000 and the customer promises to pay within this month. 6. Paid $4,000 in cash for the current month's rent. 7. Paid $5,000 cash on account for supplies purchased in transaction 3. 8. Received a bill for $5,500 for advertising for the current month. 9. Paid $24,000 cash for salaries. 10. The company paid dividends of $18,000. 11. Received $26,000 for services previously performed on account. Instructions: Read each of the above transactions, then: a) Journalize each transaction (you may omit journal explanations) (22 marks) b) Open T account for Cash and post the journal entries to Cash account ONLY, and then compute its balance