Journal Entries and Thal Balance On October 1, 2018, Jay Pryor established an interior decorating business, Ploneer Designs. During the month, Jay completed the following transactions related to the business Oct. 1 Jay transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $30,500 4 Paid rent for period of October 4 to end of month, $2,960 10 Purchased a used truck for $25,000, paying $2,000 cash and giving a note payable for the remainder 13 Purchased equipment on account, $11.900 14 Purchased supplies for cash, 52,040 15 Paid annual premiums on property and casualty insurance, $4,580 15 Received cash for job completed, $12,810 Enter the following transactions on Page 2 of the two column journal 21 Pald creditor a portion of the amount owed for equipment purchased on October 13, 54,240. 24 Recorded jobs completed on account and sent invoices to customers, $14,580. 26 Received an invoice for truck expenses, to be paid in November, $1,340. 27 Paid utilities expense, $1,530 27 Pald miscellaneous expenses, $550 29 Received cash from customers on account, $6,100. 30 Paid wages of employees, $4,060. 31 Pald dividends, $3,390. Required: Required: 1. Journalize and insert the posting references for each transaction in 11 Cash 31 Common Stock 12 33 Dividends Accounts Receivable Supplies 13 41 Fees Earned 14 Prepaid Insurance 16 Equipment 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 18 Truck 21 Notes Payable Accounts Payable 22 59 Miscellaneous Expense Date General Journal Description Post. Rd 2018 Oct. 1 Oct. 4 Oct. 10 Oct. 13 Oct 10 General Journal Description Page 1 Credit Date Post. Ref. Debit 2018 Oct. 1 Joa A Oct 10 Oct 13 Od 14 Oct 15 Oct 15 Date General Journal Description Post. Ker Page 2 Credit 2018 Debit Oct21 loct 24 Joct 20 Oct 21 Oct 22 Det 1out so Oct. 11 2. Post (in chronological order) the journal to aleger of four-column accounts, inserting appropriate posting references in the general journalas each it General Ledger Account Cash ACCOUNT NO 11 Balance Date Item Post. Ref. Debit Credit Debit Credit 2018 Oct ! 1 Det 4 1 Oct. 10 1 Oct 14 1 Oct. 15 1 Oct. 15 1 Oct. 21 2 Oct. 27 2 Oct 27 2 Oct. 29 2 Oct. 30 2 Oct 31 2 Account Accounts Receivable ACCOUNT NO. 12 Balance Item Post. Rel. Date 2011 Debit Credit Debit Credit De 24 Oct 20 Account Supplies ACCOUNT NO 13 Balance Date Item Post. Her Debit Credit Debit 2018 Credit Oct 14 Account Prepaid Insurance ACCOUNT NO 14 Balance Date Item Post Ref. Debit Credit Debit Credit 2018 Oct 15 Account Prepaid Insurance ACCOUNT NO Balance Date Them Post. Ref. Debit Credit Debit Credit 2010 Oct. 15 1 Account Equipment ACCOUNT NO. 16 Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Oct. 13 1 Account Truck ACCOUNT NO. 18 Balance Item Post. Ref Debit Credit Debit Credit Date ON Oct 10 Account Not Payable ACCOUNT NO 21 Balance Date Item Pest Ref. Debit Credit Debit Credit 2018 10 Account Accounts Payable 22 ACCOUNT NO Balance Debit Date Item Portret Debit Credit Credit 2011 Oct 13 Oct 21 2 DI Oct 26 2 Account Common Stock ACCOUNT NO 31 Balance Date Post Ref. Debi Credit Debit Credit 201 Account Dividends ACCOUNT NO. 33 Balance Date Item Post. Ref. Debit Credit Debit Credit 2018 Od: 31 Account Fees Eamed ACCOUNT NO 41 Balance Date Ttem Post Rel. Debit Credit Debit Credit 2013 Oct 15 Oct 24 2 Account Wages Expense ACCOUNT NO 51 Balance Date Them Post Ref. Debit Credit Debit Credit 2018 Oct. 30 I Account Rent Expense ACCOUNT NO 53 Balance Date Them Post Rel. Debit Credit Debit 2018 Credit Oct Account utilities Expense ACCOUNT NO Date Balance Trem Post Ret Debat Credit 2010 Debit Credit Oct 27 2 - Account Truck Expense ACCOUNT NO 55 Date Tem Post Ret Balance Deb Credit 2018 De Credit Out) I s Oct. 27 2 3. Prepare an adjusted trial balance for Intrex Designs as of October 31, 2018. List all accounts in the orde Pioneer Designs Unadjusted Trial Balance October 31, 2018 Debit Balances Credit Balances Cash Accounts Receivable Totals 4. Determine the excess of revenues over expenses for October s. Why the amount determined in above might not be the net income for October? 1. Because the dividends are dedared but not paid 2. Because the cash balance is incorrect 3. Because the closing inventory balance is missing 4. Because necessary adjustment to expenses, like depredation has not been made