4. Determine the excess of revenues over expenses for November $ Points: 0/1 Feedback Check My Work Calculate Revenues - Expenses = Net Income. 5. Can you think of any reason why the amount determined in (4) might not be the net income for November? Because the dividends are declared but not paid. Because the cash balance is incorrect. Because the closing inventory balance is missing. Because necessary adjustment to expenses, like depreciation has not been made. Points: 0/1 1 6 On November 1, 2010, Lext Martin stablished an interior decorating business, Heritage Designt. During the month, Lexi completed the following traction related to the business Nov Led transferred orth from a personai bank account to an account to be used for the business in exchange for common stock 350,000 Paidret for period of November to end of month $1,000 Purchased office equipment on account, 515.000 Purchased a truck for $38,500 paying $5,000 cash and giving a note payable for the remainder 10 Purchased supplies to cath, 51.750 Hoolved cash for job completed, 511.500 15 Paidavust premiums on property and at no 53,400 23 Recorded jobs completed on account and set invoices to customers, 22.300 24 Received an invoice for truck expenses to be paid in November 31,250 Enter the action on Page 2 of the two com uma Nov 29 Paide 54.500 29 miscenous expenses. 51.000 30 Received cash from customers on count 50.000 30 Puid wages of employees 50.000 30 Paid creditor a portion of the amount owed for rent purchased on November 6, 53.000 30 Paddividende 2.500