Due tomorrow
3. Prepare an unadjusted trial balance as of October 31, 2018. 4. Determine the following A. Amount of total revenue recorded in the ledger. B. Amount of total expenses recorded in the ledger C. Amount of net income for October. 5. Determine the increase or decrease in retained earnings for October. 3. Total of Credit column: PR 2-3A Journal entries and trial balance Obj. 1, 2, 3, 4 $111,450 On November 1, 2018, Kris Lehman established an interior decorating business, Modem Des During the month, Kris completed the following transactions related to the business: Nov. 1. Kris transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $36,000. SHOW ME HOW EXCEL TEMPLATE Paid rent for period of November 1 to end of month, $4,000 6. Purchased office equipment on account, $16,000. 8. Purchased a truck for $43,000 paying $4,300 cash and giving a note payable for the remainder. 10. Purchased supplies for cash, $1,860. 12. GENERAL LEDGER Received cash for job completed, $8,000. 15. Paid annual premiums on property and casualty insurance, $2,400. 23. Recorded jobs completed on account and sent invoices to customers, $15,500. 24. Received an invoice for truck expenses, to be paid in November, $1,250. Enter the following transactions on Page 2 of the two-column journal: 29. Paid utilities expense, $3,660, 29 . Paid miscellaneous expenses, $1,700. 30. Received cash from customers on account, $10,500. 30. Paid wages of employees, $4,750. 30. Paid creditor a portion of the amount owed for equipment purchased on November 6, $4,000. 30. Paid dividends, $1,600. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the fol- lowing chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Explanations may be omitted. 11 Cash 31 Common Stock 12 Accounts Receivable 33 Dividends 13 Supplies 41 Fees Earned 14 Prepaid Insurance 51 Wages Expense 16 Equipment 53 Rent Expense 18 Truck 21 Notes Payable 54 Utilities Expense 22 Accounts Payable 55 Truck Expense 59 Miscellaneous Expense 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Modern Designs as of November 30, 2018. 4. Determine the excess of revenues over expenses for November. 5 . net income for November? Can you think of any reason why the amount determined in (4) might not be the
