Please prepare (If you can label each section/header and explain that would be great!) 1) General Journal 2) General Ledger 3) Unadjusted Trial Balance 4)
Please prepare (If you can label each section/header and explain that would be great!) 1) General Journal 2) General Ledger
3) Unadjusted Trial Balance
4) Adjusting Trial Balance
5) Adjusting Entries in General Ledger and record the ledger totals
6) Adjusted Trial Balance from Ledger Totals
7) Income Statement, Statement of Owner's Equity, and Balance sheet
8) Closing Entries
9) Post Closing Trial Balance
On November 1, 2020, 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. Nov. 1 Nov. 2 Nov. 3 Nov. 10 Nov. 12 Nov. 14 Nov. 24 Lambert invested $35,000 cash and computer equipment worth $16,800 in the Company. The Company rented furnished office space by paying $1,800 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 15th. 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 $26,000 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 $500 cash for minor repairs to the Company's computer. The Company paid $850 cash for this month's telephone bill. Lambert withdrew $700 from the business. Nov. 28 Nov. 29 Nov. 30 Nov. 30 GENERAL JOURNAL *******SKIP A LINE BETWEEN EACH JOURNAL ENTRY******* Company Name DATE ACCOUNT TITLE DEBIT CREDIT 2 BAYOU TRAVEL General Ledger Cash Acct. No. 101 Balance Prepaid Insurance Debit Credit Acct. No. 106 Balance Date Debit Credit Date Acct. No. 110 Computer Equipment Debit Credit Date Balance Accounts Receivable Acct. No 102 Acct. No. 111 Accumulated Depreciation-Comp. Equip. Date Debit Credit Date Debit Credit Balance Balance Acct. No. 104 Acct. No. 302 Supplies Debit Credit Income Summary Debit Credit Date Balance Date Balance 3 BAYOU TRAVEL General Ledger (Con't) T. Lambert, Capital Accounts Payable Debit Credit Acct. No. 205 Balance Acet. No. 300 Balance Date Date Debit Credit Acct. No. 208 Acct. No. 301 Salaries Payable Debit Credit T. Lambert, Withdrawal Debit Credit Date Balance Date Balance BAYOU TRAVEL General Ledger (Con't) Acct. No. 400 Commissions Earned Debit Credit Supplies Expense Debit Credit Acct. No. 508 Balance Date Balance Date Salaries Expense Debit Credit Acct. No. 510 Balance Date Depreciation Expense-Comp. Acct. No. 502 Debit Credit Balance Date Utilities Expense Acct. No. 512 Balance Date Debit Credit Insurance Expense Acct. No. 504 Date Debit Credit Balance Acct. No. 506 Rent Expense Debit Credit Computer Repair Expense Acct. No. 518 Debit Credit Balance Date Balance Date 5 5 Part 3 Complete the following Unadjusted Trial Balance from your ledger totals, (See the attached Unadjusted Trial Balance below). Credit BAYOU TRAVEL Unadjusted Trial Balance For the Month Ended November 30, 2020 Debit Cash Accounts receivable Office Supplies Prepaid Insurance Computer Equipment Accumulated Depreciation-Comp. Equip. Accounts Payable Salaries Payable T. Lambert, Capital T. Lamber, Withdrawals Commissioms Earned Depreciation Expense-Comp. Equip. Supplies Expense Salaries Expense Insurance Expense Rent Expense Utilitites Expense 6 Part 4 Adjusting Entries Record adjusting entries in the following general journal based on the information below. **********SKIP A LINE BETWEEN EACH JOURNAL ENTRY********** 1) Record 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) Record 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 billed at the end of the month. 5) Bayou Travel had a part-time assistant that earned $400 in salaries during the last week in November. Bayou Travel has not recorded or paid this expense. The payroll will paid during the first week of December. Adjusting Entries ACCOUNT TITLE DATE DEBIT CREDIT 7 7 Part 5 Post your Adjusting Entries in the General Ledger and record the ledger totals, (Use the attached General Ledger on pages 3-5). Part 6 Complete the following Adjusted Trial Balance from your ledger totals: Credit BAYOU TRAVEL Adjusted Trial Balance For the Month Ended November 30, 2020 Debit Cash Accounts receivable Office Supplies Prepaid Insurance Computer Equipment Accumulated Depreciation-Comp. Equip. Accounts Payable Salaries Payable T. Lambert, Capital T. Lamber, Withdrawals Commissioms Earned Depreciation Expense-Comp. Equip. Supplies Expense Salaries Expense Insurance Expense Rent Expense Utilitites Expense 8 Part 7 Prepare Financial Statements on the following forms: BAYOU TRAVEL Income Statement For the Month Ended November 30, 2020 BAYOU TRAVEL Statement of Owner's Equity For the Month Ended November 30, 2020 BAYOU TRAVEL Balance Sheet As of November 30, 2020 ASSETS LIABILITIES & OWNER EQUITY LIABILITIES OWNER EQUITY TOTAL LIABILITIES & STOCKHOLDER'S EQUITY 10 Part 8 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). Closing Entries DATE ACCOUNT TITLE DEBIT CREDIT 11 Part 9 Complete the attached Post-Closing Trial Balance from your General Ledger totals. Bayou Travel Post Closing Trial Balance For the Month Ended November 30, 2020 Debit Credit Totals
