arnal entries and trial balance Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Question structions November 1, 207, Leo Martin established an interior decorating business, Heritage Designs. During the month, Lex completed the following transactions related to the bu Nov 1 Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock. $27,600 Paid rent for period of November 1 to end of month, $3,200 1 6 Purchased office equipment on account, $12,800 8 Purchased a truck for $31,700 paying $8.200 cash and giving a note payable for the remainder 10 Purchased supplies for cash, 51,480 12 Received cash for job completed, 8,400. Paid annual premiums on property and casualty insurance, 52.400 15 23 Recorded jobs completed on account and sent invoices to customers. $12,060 Received an invoice for truck expenses to be paid in November 31,230 24 er the following transactions on Page 2 of the two-column jouma! Nov 20 Paid utilities expense. 53,500 Paid miscellaneous expenses. 51,500 29 30 Received cash from customers on account. 57.400 30 30 Paid wages of employees, 54,200 Paid creditor a portion of the amount owed for equipment purchased on November 6, 56.100 Paid dividends, 52,200 30 Work eBook Show Me How FREE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST PET OCBIT : CREDIT ASES LLANTE 2 3 4 5 5 5 2 3 50 11 12 13 34 15 14 21 Check My Work A eBook Show Me How Ledger 2. Fost in chronological order the foumalto a deer of four column accounts, inserting appropriate posting references in both the journal and the ledger as each item is posted Extend transaction is posted LEDGER Accouch Account 11 12 ent Account ANNO 16 Account Accounts recebe Account Sie Account Price Account tot Account ACL Notewable AB Ayabile Account Cod Account Dividends le A21 A22 A 33 AL At Thu 14 AN Check My Work eBook Show Me How Account Cash ACE DATE ITEM POST. REF DEBIT CREDIT BALAN DEBIT 1 1 2 3 4 4 $ 2 9 15 11 12 ACCU Account Accounts Receivable Account Supplies Account Prepaid Insurance ACCOUL Equipment Account Truck ALCOL Notes Payable Account Accounts Payable ALL Com Stock A Dividends Account Alcotes Alcourt We Check My Work eBook Show Me How Heritage Designs NKSHEETA... UNADJUSTED TRIAL BALANCE NKSHEETA... November 30, 2049 ACCOUNT TITLE NKSHEETA... Cash DEBIT CREDIT 2 Accounts Receivable Supplies Prepaid Insurance Equipment Truck Notes Payable Accounts Payable Common Stock 10 Retained Earnings Dividends 12 Fees Eamed Wages Expense * Rent Expense Ubilities Expense Truck Epense Miscellaneous Expense 1 Totals Check My Work 14 Expense 15 Utilities Expense 16 Truck Expense 17 Miscellaneous Expense 18 Totals Final Question 4 Determine the excess of revenues over expenses for November S 5. Can you think of any reason why the amount determined in (4) might not be the net income for November? O Because necessary adjustment to expenses, like depreciation has not been made, Because the closing inventory balance is missing Because the cash balance is incorrect Because the dividends are declared but not paid Check My Work All work saved
