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  3. 3. analyze and journalize the following entries; o

3. Analyze and Journalize the following entries; On June 1, 2012 Sam Near created a travel...

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Accounting

3. Analyze and Journalize the followingentries; On June 1, 2012 Sam Near created a travel agencycalled Tours-For-Less. These activities occurred during thecompany’s first month:

June

1

Near created the new company by investing $40,000 cashand computer equipment worth $60,000.

2

The company rented furnished office space by paying$3,200 rent for the first month.

3

The company purchased $2,400 of office supplies forcash.

10

The company paid $7,200 for the premium on a one-yearinsurance policy.

14

The owner’s assistant was paid $3,600 for two weeks’salary.

24

The company collected $13,600 of commissions fromairlines on tickets obtained for customers.

28

The assistant was paid another $3,600for two weeks’salary.

29

The company paid the month’s $3,500 phonebill.

30

The company paid $700 cash to repair itscomputer.

30

The owner withdrew $2,850 cash from thebusiness.

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