Instructions On November 1, 2018, Ke Lahman etablished an interior decorating business, Modem Design. During the month, Kris completed the following transactions related to the business Nov. 1 1 Kris transferred cash from a personal bank account to an account to be ined for the business in exchange for common stock, $38,000. Paid rent for period of November 1 to end of month, $4,000. Purchased office equipment on account, $16,000 Purchased a truck for $43,000 paying $4,300 cash and giving a note payable for the remainder Purchased supplies for cash, $1.860. Received cash for job completed, $8,000. Paid annual premiums on property and casualty insurance, 52,400. Recorded jobs completed on account and sent invoices to customers, 515,500. Received an invoice for truck expenses to be paid in November, 51,250. 10 12 15 23 24 Enter the following transactions on Page 2 of the two-column joumat Nov. 29 29 30 30 30 30 Paid utilities expense, 53,660 Paid miscellaneous expenses, S1,700 Received cash from customers an account. 510,500 Paid wages of employees, $4,750. Pad creditor a portion of the amount owed for egiptent purchased on November 6, 54.000 Paid dividendes, 51,600 counts in selecting the counts to be eBook Show Me How Calculate Instructions On November 1, 2018, Kris Lehman established an interior decorating business, Modem Designs. 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, S36,000 Paid rent for period of November 1 to end of month, $4,000. Purchased office equipment on account $16,000 Purchased a truck for 543,000 paying 54,300 cash and giving a note payable for the remaindet Purchased supplies for cash. 51 360 Received cash for job completed, $8,000. Paid annual premiums on property and culty insurance, $2,400. Recorded jobs completed on account and sent invoices to customers, 515,500 Received an invoice for truck expenses to be paid in November, $1.250, 10 12 15 23 24 Enter the following transactions on Page 2 of the two-cour joumar Now 25 20 Padres expense 53.560 Pad miscellaneous expenses, 51.700 Received cash from customers an account 510.500 Pad wages of employer, 54.750 30 30 Instructions On November 1, 2018, Ko La transactions related to the business establied an interior decorating business, Modem Dei. During the markets completed the following 1 1 6 10 12 Kristranded cash from a personal bank account to a ccount to be used for the business in exchange for common stock, 538.000 Paidrer for period of November 1 to end of month, 54,000 Purchased office equipment on account $18,000 Purchased auctor 543,000 payung 54,300 cash and giving a note payable for the remainder Purchased supplies for cash, 1860 Received cash for job completed, 58,000 Paid na premium on property and c uran 2400 Recorded jobs completed on account and an invoices to customers, 515,500 Received an invoice for truck expens to be paid in November 31.250 15 23 24 Enter the following tractions on Page 2 of the two com um 23 Pad miscellaneous expenses, 51,700 Rech focus on 510 500 Padwages of players, 34750 Para orond the mostowed for Pald dividends, 51.000 the one .000 Required con coming on page to the Do not more p ower e Chart Accounts for eactoring of account On November 1, 2018, Kris Lehman established an interior dhoorating business, Modern Design. During the month, Kia completed the following transactions related to the business Nov. 1 6 8 10 12 15 23 24 Kris transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $38,000. Paid rent for period of November 1 to end of month, $4,000. Purchased office equipment on account, $16,000. Purchased a truck for $43,000 paying $4,300 cash and giving a note payable for the remainde Purchased supplies for cash, $1,860 Received cash for job completed $8,000 Paid arnu premiums on property and casualty insurance, $2,400 Recorded jobs completed on account and sent invoices to customers, 515,500. Received an invoice for truck expenses, to be paid in November, $1,250. Enter the following transactions on Page 2 of the two-column joumat: Nov. 29 Paid utilities expense, $3,660 30 Paid miscellaneous expenses, 51.700 Received cash from customers on account 510,500 Paid wages of employees, 54,750. Pad creditor a portion of the amount owed for equipment purchased on November 6, 54.000 Paid dividends $1.600. 30 30 Required: Quae each transaction in a two-column cuma begining on Page, referring to me shero accounts selecting the account to be On November 1, 2018, Kris Lehman established an interior decorating business, Modern Designs. During the month, Kris completed the followie! ransactions related to the business Nov 1 1 6 8 10 12 15 23 24 Kris Tansferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $36,000. Paid rent for period of November 1 to end of month, $4,000 Purchased office equipment on account, $16,000. Purchased a truck for $43,000 paying 54,300 cash and giving a note payable for the remainder. Purchased supplies for cash, $1,800 Received cash for job completed $8.000 Paid ar premiums on property and casualty insurance $2.400 Recorded jobs completed on account and sent invoices to customers, $15.500 Received an invoice for truck expenses to be paid in November $1.250. Enter the flowing transactions on Page 2 of me to-column Ouma. Now 29 Paide s expense, 53.000 29 Paid miscellaneous expenses. 51.700 30 30 30 30 Received cash from customers on account, $10 500 Paid wages of encloyees, 54.750 Padred on the amount owed for e n Paid dividends. 51.600 Required: on page 1. refering to the 24 Received an invoice for truck expenses, to be paid in November, $1,250. Enter the foowing transactions on Page 2 of the two-column journal: Nov. 29 29 30 30 30 30 Paid utilities expense, $3,680. Paid miscellaneous expenses, $1,700. Received cash from customers on account, 310,500 Paid wages of employees, 54,750. Paid creditor a portion of the amount owed for equipment purchased on November 6, 54,000. Paid dividends $1600. Required: Journetze each transaction in a two-column oumar beginning on Page 1, referring to the chart of accounts in selecting the accounts to be gebied and created. (Do not insert the post reference numbers unt you have posted the entry to the general reoper in part 2) Refer to the Chart of Accounts for exact wording of account nes 2. Post in chronological order the journal to a doer of four-column accounts, inserting a propriate posting references in both the journal and the lediger as each item is posted. Extend the balances to the appropriate balance coumis anter each transaction is posted Prepare an wasted B alance for Modern Designs as of November 30, 2018 4 Determine the excess of revenues over expenses for November 5 Can you think of any reason why the amount determined in (4) mugar nore the net income or November Now 29 2 30 30 30 30 Paid utilities expense, $3,600. Paid miscellaneous expenses, $1,700. Received cash from customers on account, $10,500. Paid wages of employees, $4,750. Paid creditor a portion of the amount owed for equipment purchased on November 8, 54,000. Paid dividends, $1,600 Required: 1. Joumatze each transaction in a two-column oumar beginning on Page 1, referring to the art or accounts in selecting the accounts to be debited and credited. (Do not insert the post reference numbers und you have posted the entry to the general ledger In part 2) Refer to the Chart of Accounts for exact wording of accounties Post in chronological order the joumar to a leder or four-coume accounts, inserting appropriate posting references in both the journal and the ledger as each bem is posted. Extend the balances to the appropriate ance Guis ater each transaction is posted 3. Prepare an nagusted relatence for Modern Designs as of November 30, 2018 4. Determine the excess of revenues over expenses for November 5. Can you think of any reason why the amount determined in (might not be the net income for November Check My Vlork Assignment Score: 18.17% Tune here to search