A prospective purchaser made an offer to purchase to the listing agent who forwarded that offer to the owner by mail. The owner signed the sales contract and mailed it to his listing agent. While this document was in the mail to the listing agent, another purchaser made an offer for the same property. The listing agent called the owner to tell him about the second offer. Before the owner could mention that he had accepted the first offer and mailed the signed contract to the listing agent, the listing agent told the seller that there was a second, higher offer. The owner immediately told his listing agent to disregard the signed contract that he had mailed to the listing agent because he would prefer to accept the second offer. At this point in time, whis/are true?

Shawshank real estate agency. oct. 1 pete shawshank begins business as a real estate agent with a cash investment of $25,000 in exchange for common stock. 2 hires an administrative assistant. 3 purchases office furniture for $2,900, by paying $700 cash with the balance on account. 6 sells a house and lot for n. kidman, earning a fee of $3,600, with $600 collected in cash and the balance billed to n. kidman. 27 pays $900 on the balance related to the transaction of october 3. 30 pays the administrative assistant $2,300 in salary for october. 31 collects $1,200 of the balance owed by n. kidman. instructions: (a) journalize the transactions. (you may omit explanations.) (b) what balance would shawshank real estate agency report for accounts payable in its october 31 financial statements? in which category of which financial statements would it be found? (c) what balance would shawshank real estate agency report for accounts receivable in its october 31 financial statements? in which category of which financial statements would it be found?