Selected transactions for Polland Real Estate Agency during its first month of business follow: June 1 2 3 10 16 Samantha Polland opened Polland Real Estate Agency with an investment of $13,430 cash and $2,740 of equipment. Paid $1,360 for a one-year insurance policy. Purchased additional equipment for $4,180, paying $720 cash and signing a note payable for the balance. Received $305 cash as a fee for renting an apartment. Sold a house and lot to B. Rollins. The commission due from Rollins is $7,710. (It is not paid by Rollins at this time). Paid $525 for advertising during June. Received an $55 bill for telephone service during the month of June. (The bill is paid in July.) Paid an administrative assistant $2,420 in salary for June. Received $7,710 cash from B. Rollins for the June 16 transaction. 27 29 30 30 Post the journal entries to the general ledger, using T accounts. (Post entries in the order of journal entries presented in the previous part. Select the date for closing balances even in case of zero balance. If ending balance is O enter 0 on the normal side for the account.) Cash V June 1 June 2 June 3 June 10 June 16 June 27 June 29 June 30 June 30 Bal. Accounts Receivable Prepaid Insurance Equipment Notes Payable Accounts Payable S. Polland, Capital Service Revenue