Selected transactions for King Real Estate Agency during its first month of business follow: June 1. 2 3 10 16 Samantha King opened King Real Estate Agency with an investment of $14,130 cash and $3,300 of equipment. Paid $1,310 for a one-year insurance policy. Purchased additional equipment for $4,370, paying $915 cash and signing a note payable for the balance. Received $230 cash as a fee for renting an apartment. Sold a house and lot for B. Smith. The commission due from Smith is $7.830. (It is not paid by Smith at this time.) 2 Paid $620 for advertising to run during June. 29 Received an $65 bill for telephone service during the month of June. (The bill is paid in July.) 30 Paid an administrative assistant $2,340 in salary for June. 30 Received $7.830 cash from B. Smith for the June 16 transaction.