Exercise 3-7 2 Your answer is partially correct. Try again. This information relates to Crofoot Real Estate Agency. Oct. 1 Stockholders invest $31,350 in exchange for common stock of the corporation 2 Hires an administrative assistant at an annual salary of $42,000. 3 6 10 27 30 Buys office furniture for $4,210, on account. Sells a house and lot for ME. Graves; commissions due from Graves, $11,640 (not paid by Graves at this time). Receives cash of $150 as commission for acting as rental agent renting an apartment. Pays $770 on account for the office furniture purchased on October 3. Pays the administrative assistant $3,500 in salary for October. Prepare the debit-credit analysis for each transaction. (If there is no transaction, then enter No Effect for the account and 0 for the a oct. i Debits Increase Assets Debit [Cash 31350 Credits IIncrease Stockholders' E Credit | Common Stock Debits INo Effect Debit No Effect Credits No Effect Credit No Effect 42000 oct. 2