BAYOU TRAVEL On November 1, 2023, Troy Lambert created a new travel agency called Bayou Travel "The Company. The Company was organized as a sole-proprietorship and has monthly accounting periods. The following transactions occurred during the Company's first month of operations. Prepare and record journal entries for each of the following transactions in the general journal provided. Lambert invested $32,000 cash and computer equipment worth $24,000 in the Company. Nov. 1 Nov. 2 Nov. 3 Nov. 10 Nov. 12 Nov. 14 Nov. 24 Nov. 28 Nov. 29 Nov. 30 Nov. 30 The Company rented furnished office space by paying $1,550 cash for the month's (November) 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. Coverage begins on November 15 The Company purchased $1,000 of office supplies on account. The Company paid $2,200 cash for two-weeks salaries earned by employees. The Company collected $16,000 cash on commissions from airlines on tickets obtained for its' customers. The Company paid another $2,300 cash for two-weeks salaries earned by employees. The Company paid $700 cash for minor repairs to the Company's computer. The Company paid $950 cash for this month's telephone bill. Lambert withdrew $700 from the business. BAYOU TRAVEL General Ledger Cak Date Debit Credit Aeet, No. 1011 Balance Prepaid race Date Debit Credit Acet, No. 106 Balance Date Computer Ext Debit Credit Aret. No 110 Balance Accounts Receivable Acct. No 102 Credit Balance Date Date Debit Accumulated Depreciation-Comp Equip Debit Credit Acet. No. 111 Balance Supplies Acct. No. 104 Income Summary Acct. No. 302 Date Debit Credit Balance Date Debit Credit Balance GENERAL JOURNAL *******SKIP A LINE BETWEEN EACH JOURNAL ENTRY Company Name DATE ACCOUNT TITLE 2 DEBIT CREDIT BAYOU TRAVEL General Ledger (Con't) Accesem Payable Date De bit Credit Are No 205 Balance T.Landers Cad Act No. 308 Date Debit Credi Balance Act No. 208 T.Landers Withdr Acct No. 301 Credit Balance Cate Debi Credit Balance Date Salaries Pe Debit 9 BAYOU TRAVEL General Ledger (Con't) Date Comedis Earned Debit Credit Ars No 408 Balance Date Debi Credit Depreciation Expense-Camp Act No. 501 Date Debit Credit Balance Salaries Exp Date Debit Credit Arrt. No. 508 Balance Act No. 518 Balance Uslides Expense Art. No. 512 Date Deb Credit Balance Insurance Expense Acct No. 304 Part 3 UNADJUSTED TRIAL BALANCE Complete the following Unadjusted Trial Balance from year ledger totals, (See the attached Unadjusted Trial Balance below) BAYOU TRAVEL Unadjusted Trial Balance For the Month Ended November 30, 2023 Cash Accounts receivable Supplies Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries Payable T. Lambert-Capital T. Lambert-Withdrawals Revenue Depreciation Expense Insurance Expense Rent Expense Supplies Expense Salaries Expense Computer Repairs Expense Utilitites Expense Totals 6 Debit Credit Part 4 ADJUSTING ENTRIES Record adjusting entries in the following peneral journal based on the information below. ***SKIP A LINE BETWEEN EACH JOURNAL ENTRY 1) Recond one month's depreciation on the equipment that T. Lambert invested in the business. The equipment is estimated to have a $2,400 salvage value and a 4-year life. Compute the expense using the straight-line depreciation method 2) Recond the expiration of half of one month's pre-paid insurance during November 3) An inventory at the end of the month revealed that $1,400 of supplies remained on hand. 4) Bayou Travel earned $3,080 of commissions that have not yet been hilled at the end of the mouth. 5) Bayou Travel had a part-time assistant that camed 5400 in salaries during the last week in November, Bayou Travel has not recorded or paid this expense. The payroll will be paid during the first week of December DATE Adjusting Entries ACCOUNT TITLE 7 DEBIT CREDIT Part 5 Past your Adjusting Entries in the General Ledger and record the ledger totals, (Use the attached General Ledger on pages 3-5 Part 6 ADJUSTED TRIAL BALANCE Complete the following Adjusted Trial Balance from your lodger BAYOU TRAVEL Adjusted Trial Balance For the Month Ended November 30, 2023 Cash Accounts receivable Supplies Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries Payable T. Lambert-Capital T. Lambert-Withdrawals Revenue Depreciation Expense Insurance Expense Rent Expense Supplies Expense Salaries Expense Computer Repairs Expense Utilitites Expense Totals Debit Credit Part 7 Prepare Financial Statements on the following forms BAYOU TRAVEL Income Statement For the Month Ended November 30, 2023 BAYOU TRAVEL Statement of Owner's Equity For the Month Ended November 30, 2023 BAYOU TRAVEL BALANCE SHEET As of November 30, 2023 10 10 Part 8 CLOSING ENTRIES Using the totals from your adjusted trial balance record your closing entries in the space below and post to the General Ledger, (Use the attached General Ledger on pages 3-5). GENERAL JOURNAL-CLOSING ENTRIES *******SKIP A LINE BETWEEN EACH JOURNAL ENTRY DATE ACCOUNT TITLE 11 DEBIT CREDIT Part 9 POST CLOSING TRIAL BALANCE Complete the attached Post-Closing Trial Balance from your General Ledger totals. BAYOU TRAVEL Post Closing Trial Balance - For the Month Ended November 30, 2023 Debit Credit Totals 12 22