Baycrest Cinema Company owns movie theatres. Baycrest Cinema engaged in the following transactions in November 2022:

Baycrest uses the following accounts: Cash; Supplies; Land; Accounts Payable; Note Payable; Darrell Palusky, Capital; Darrell Palusky, Withdrawals; Service Revenue; Property Tax Expense; Rent Expense; Salaries Expense.

Required

1. Prepare an analysis of each business transaction of Baycrest Cinema Company as shown for the November 1 transaction:

2. Record each transaction in the journal with an explanation, using the account titles given. Identify each transaction by its date.

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Nov. 1 1 Paid November's rent on a theatre building with cash, $6,000. Paid $320,000 cash to purchase land for a theatre site. Borrowed $220,000 from the bank to finance the first phase of construction of the new theatre. Palusky signed a note payable to the bank in the name of Baycrest Cinema Company. Purchased theatre supplies on account, $1,000. 25 10 16 22 28 29 Darrell Palusky invested $350,000 personal cash in the business by depositing that amount in a bank account titled Baycrest Cinema Company. The business gave capital to Palusky. 30 Paid employees' salaries of $2,900 cash. Paid $600 on account. Palusky withdrew $8,000 cash. Paid property tax expense on the land for the new theatre, cash of $1,400. Received $20,000 cash from service revenue and deposited that amount in the bank.