Transaction 1 Mr. Pebbles sold and delivered 3 vintage chairs and costing R3 000 each, on credit for the month. The cash on the sale of these chairs will only be received in 60 days' time. He has not recorded any transaction as he believes he will only make a sale once he has received the cash in 60 days. Transaction 2 Mr. Pebbles also has two students who take his furniture to a Vintage Trade Fair every Saturday to be sold. For the sales made at the trade fair, Mr. Pebbles agreed to give 5% of the sales to the students (to divide it equally among the students) as a commission and keeps the remainder of the sales. The total amount of the Vintage Trade Fair sales, for the month, that Mr. Pebbles has banked is R10 000. Mr. Pebbles is unsure about how to treat this commission. Mr Pebbles has not yet paid them. Transaction 3 Mr. Pebbles has received R4000 in February for a dining room table that he is going sell in April. Since he has received the cash already he has recorded a sale of R4000 with bank being the contra account. Page 1 of 3 Transaction 4 Mr. Pebbles has paid R25 000 on the 1st of February, up front, for advertising in an antique magazine. Advertising is R5000 per month. Mr. Pebbles recorded the R25 000 as an expense for the period You are required to: Transaction 1 State if the treatment of the chairs on credit is correct in terms of Concepts and Accounting Principles. Also provide the journal entry that should be recorded. (8 marks) Transaction 2 Advise Mr. Pebbles on how to treat the commission that is due to the students, in terms of concepts and accounting principles. (7 marks) Transaction 3 Discuss if the treatment of the cash received for the dining room table is correct in the month of February, also provide the correcting journal. (8 marks) Transaction 4 Provide the correcting journal entry to account for the advertising for the month of February (2 marks)