Exiend the balunces to the apporophate balance columns affer each fransaction is posted. 1. Jeurnalize each transaction in a Ho-column ioumal beginning on Page 1, referring to the chart of accounts in selecting the accounis to be sebited and credited. (Do not insert the post reference numbers unal you have postod the entry to the general lodger in part 2) 2. Past (in chronological order) the joumal to a fedger of four-column accounts, inserting apperopriate posting roferences in both the jowrna/ and the ledger as each tem is posted. Extend the balances it the appropriate batance columns after each transection is posted. 3. Prepare an unadiusted inal balance for Heritage Designs as of November 30,20yg 4. Detemine the excess of revenues over expanses for November. 5. Gan you think of any redson why the amount detemined in (4) might not be the net income for November? Enter the following transactions on Page 2 of the two-column journal: Nov. 29 Paid utlities 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 poltion of the amount owed for equipment purchased on November 6,$3,000. 30 Paid dividends, $2,500. post relerence numbers uner you have posted the entry to the general ledper in part 2) 16 Equipment 5o Rentexpense 18 Truck 54 Utilities Expense 55 Truck Expense LIABILITIES 59 Miscellaneous Expense 21 Notes Payable 22 Accounts Payable EQUITY 31 Common Stock 33 Dividends On November 1, 20Y9, Lex Martic established an interior decorating business, Heritage Designs. During the month, Lexi completed the foliowing transactions related to the business: Nov. I Lexi transterred cash from a personal bank account to an account to be used for tho buviness in oxchange for common stock, $0,000. 1 Paid rent for period of Novernber 1 to end of month, $4,000. 6 Purchased office equipment on account, $15,000. 8 Purchased a truck for $38,500 parying $,000 cash and 9 ving a note payable for the remainder. is Purchased supplies for cash, $1,780. 12 Recelved cash for job completed, $11,500. 15 Paid annual premiums on proporty and casualty insurance, $2,400. 23 Recorded jobs completed on account and sent imvices to customers, $22,300. 24 Received an invoice for tnuck expenses, to be paid in November, $1,250. Heritage Designs General Ledger Account: Featpanent: - Accoure: Truck - Nccounti Notes Payable - Mccounti Nocosents Payable r Ascount Comman Stock - Accounte Drridends - Accoura reestamed - Accounti wabes fiperae - Nocente flent Coperne - Nccourt unities bopene - Accosart Tuck tapense - Accounti Mncerlineoui Loperse Neceunt ivia 16 Nccount Nas to Necount No, 21 Necount Ho, 22 Mccount No, 31 Account No, 11 Acceunt ko. 41 Neant Na. St Neceunt Na-S) Noceunt No. H Mccosnt No. is nocount too. 59
