IV. Journalize the following transactions according to the following descriptions: (45') 1. Nov. 1, performed services for a Morris Ltd. on account, $4,900 and created a petty cash fund with $100. 2. Nov. 3, received goods from Oct. 30 sale of $2,000 that cost $800. (Oct. 30, sold $6,000 that cost $2,400, on credit terms of 2/10, n/30, FOB shipping point.) 3. Nov. 4, paid S120 for the freight that was arranged for the client in the Oct. 30 sale. 4. Nov. 10, received payment of the Oct. 30 sale. 5. Nov 15, received an additional capital from the owner Smith of $5,000 in cash. 6, Nov. 21, borrowed $2,000 from a bank for 3 month at a rate of 6% per year. 7. Nov. 25, $500 was withdraw by the owner Peter. 8. Nov. 30, it was found that the petty cash was spent on postage $15 for office use, stationery $55 for store use; and only $25 is now on hand 9. Nov. 30, prepared adjusting entries: 1) interest expense incurred on Nov. 21; 2) the beginning balance of supplies is $300, the new purchase during November is $200 and at the end of the Nov. the physical check showed a $150 supplies on hand; 3) accrued salaries $900; 4) depreciation for equipment which was purchased for $510,000 with an estimated residual value of $30,000 and an expected operating hours of 160,000 hours: the equipment operates 2,000 hours during November (the company uses units-of-production method). 10. Nov. 30, prepared the closing entries: 1) Revenues: S120,000, 2) wage expenses: $12,000, 3) cost of merchandise sold: $40,000; 4) the drawing account. 11. Dec. 5, a furniture that was acquired at a cost of $4,000 and has depreciated for $3,600 was sold for $800