Question: Analyze transactions and determine their effect on accounts. E2.7 (LO 1), C The following information is related to Lexington Real Estate Agency. Oct. 1 Diane

Analyze transactions and determine their effect on accounts. E2.7 (LO 1), C The following information is related to Lexington Real Estate Agency. Oct. 1 Diane Lexington begins business as a real estate agent with a cash investment of $20,000 in exchange for common stock. 2 Hires an administrative assistant. 3 Purchases office furniture for $2,300, on account. 6 Sells a house and lot for N. Fennig; bills N. Fennig $3,600 for realty services performed. 27 Pays $850 on the balance related to the transaction of October 3. 30 Pays the administrative assistant $2,500 in salary for October. Instructions Prepare the

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