Accounting Cycle On April 1, 2012, Troy Lambert created a new travel agency called Bayou Travel. The company was organized as a corporation and has a monthly accounting period. The following transactions occurred during the company's first month. April I April 2 April 3 Lambert invested $32,000 cash and computer equipment worth $24,000 in the company The company rented furnished office space by paying $1,550 cash for the month's (April) rent. The company purchased $2,100 of office supplies for cash. The company paid $3,000 cash for the premium on a 12-month insurance policy April I0 Coverage begins on April 11. April 14 The company paid $2,300 cash for two-weeks' salaries earned by employees. April 24 The company collected $16,000 cash on commissions from airlines on tickets obtained for customers. The company paid another $2,300 cash for two weeks' salaries earned by employees. April 28 April 29The company paid $700 cash for minor repairs to the company's computer. April 30 The company paid $950 cash for this month's telephone bill. April 30 Lambert, withdrew $700.00 from the business The company's chart of accounts follows: Cash Accounts Receivable Office Supplies Prepaid Insurance Computer Equipment Commissions Earned Salaries Expense Insurance Expense Rent Expense Office Supplies Expense Repairs Expense Telephone Expense Income Summary Accumulated Depreciation-Computer Equip. Salaries Payable T. Lambert, Capital T. Lambert, Withdrawals