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. |
