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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
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 Companys first month of operations. Prepare and record journal entries for each of the following transactions in the general journal provided. Nov. 1 Lambert invested $32,000 cash and computer equipment worth $24,000 in the Company. Nov. 2 The Company rented furnished office space by paying $1,550 cash for the months (November) rent. Nov. 3 The Company purchased $2,100 of office supplies for cash. Nov. 10 The Company paid $3,000 cash for the premium on a 12-month insurance policy. Coverage begins on November 15th. Nov. 12 The Company purchased $1,000 of office supplies on account. Nov. 14 The Company paid $2,200 cash for two-weeks salaries earned by employees. Nov. 24 The Company collected $16,000 cash on commissions from airlines on tickets obtained for its customers. Nov. 28 The Company paid another $2,300 cash for two-weeks salaries earned by employees. Nov. 29 The Company paid $700 cash for minor repairs to the Companys computer. Nov. 30 The Company paid $950 cash for this months telephone bill. Nov. 30 Lambert withdrew $700 from the business
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