Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Enter the following transactions on Page 2 of the two-column journal: Nov. 29 Paid utilities expense, $4,500. 29 Paid miscellaneous expenses, $1,000. 30 Received cash
Enter the following transactions on Page 2 of the two-column journal:
Nov. | 29 | Paid utilities expense, $4,500. |
29 | Paid miscellaneous expenses, $1,000. | |
30 | Received cash from customers on account, $9,000. | |
30 | Paid wages of employees, $6,800. | |
30 | Paid creditor a portion of the amount owed for equipment purchased on November 6, $3,000. | |
30 | Paid dividends, $2,500. |
Required: | |
1. | Journalize each transaction in a two-column journal beginning on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the post reference numbers until you have posted the entry to the general ledger in part 2.) |
2. | Post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references in both the journal and the ledger 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 Heritage Designs as of November 30, 20Y9. |
4. | Determine the excess of revenues over expenses for November. |
5. | Can you think of any reason why the amount determined in (4) might not be the net income for November? |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started