Journal entries and trial balance CADOUNE Journal Ledger Unadjusted Trial Balance Final Question Instructions 1 6 On November 1, 2018, Kris Lehman established an interior decorating business, Modern Designs During the month, Kris completed the following transactions related to the business Nov Knis transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 536,000 Paid rent for period of November 1 to end of month, S4,000 Purchased office equipment on account. 516,000 Purchased a truck for 543 000 paying $4,300 cash and giving a note payable for the remainder Purchased supolies for cash, 51,860 Received cash tor job completed, 58.000 15 Paid annual premiums on property and casualty insurance, $2.400 23 Recorded jobs completed on account and went invoices to customers, 515,500 Received an invoice for truck expenses, to be paid in November 51.250 B 10 12 24 Enter the following transactions on Page 2 of 0 wo-column ourrat Nov 20 Paiduties expense, 53,660 20 Paid miscellaneous expenses. $1,700 30 Received cash from customers on account, $10 500 30 Paid wages of employees, $4,750. 30 Paid creditor a portion of the amount owed for equipment purchased on November 6, 54,000 30 Paid dividends, 51,000 Required: 1 lomake each wansaction in a two-column journal beginning on Page 1. referring to the chart of account in selecting the account to be debited and credited (Do not insert the post reference numbers unol you have posted the entry to the general ledger in part 2) Refer to the Chwyt of Account exact want Account Nov 29 29 30 Paid utilities expense, $3,660 Paid miscellaneous expenses, $1,700 Received cash from customers on account, $10.500 Pald wages of employees, 54,750. Paid creditor a portion of the amount owed for equipment purchased on November 6, 54.000 Pald dividends, $1,600 30 30 30 Required: 1 oumalize each transaction in a wo column ournal beginning on Page 1. reming to the chart of accounts in selecting the account to be debt and crestina (Do not insert the post revence numbers und you have posted the enay so me poneral Widges in part 2) Reder to the Chart of Accounts for exact wording of accounts 2 post in chronological ordet) dhe Journal to a dor of four column accounts, inserang appropriate pasang references in both the oumas and the lodger as each mom is posaid. Extend the balances to the appropriate balance columns aor each wansacoon is posted 3. Prepare an unausted at balance for Modern Designs as of November 30, 2018 4 Determine the excess of events 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 Mode Journal entries and trial balance Joumal Ledger Unadjusted Trial Balance Final Question Instructions 8 Purchased a truck for $43,000 paying 54,300 cash and giving a note payable for the remainder. Chart of Accounts CHART OF ACCOUNTS Modern Designs General Ledger En ASSETS REVENUE 41 Fees Eamed 11 Cash 12 Accounts Receivable EXPENSES 13 Supplies 14 Prepaid Insurance 16 Equipment 51 Wages Expense 53 Rent Expense $4,000 18 Truck 54 Uslities Expense 55 Truck Expense 59 Miscellaneous Expense LIABILITIES 21 Notes Payable 22 Accounts Payable unts in selecting the accounts to eneral ledger in part 2) Refer to ing references in both the joumala ransaction is posted. EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends or Journal 1. owalze each schon in a wo Columnum beginning on Page 1. oming to the chart of accounts in selecting the account to be debiend and credited (Do norinsert the post reference numbers Retro the Chart of Accounts for exact wording of accounts PAGE 1 AGE JOURNAL ACCOUNTING EQUATION DATE DUPON POSTU DEBIT CHO ALLETS LILITIES OUTY 11 11 11 han A Journal Ledger Unadjusted Trial Balance Final Question Instructions Journal PAGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSE REE DENT CREDIT 1 ASSETS LATES EQUITY 2 3 4 5 1 18 11 11 11 16 15 10 Journal Ledger Unadjusted Trial Balance Final Question Jom machan in a commenting on age 1. do the che account in secting the content on the post receber you have found the city Hey the Chair of Accounrecording of acces JOURNU ACCOUNTING EQUATION DATE POST BY CRI AT BY 11 12 Journal Final Question 2. RC 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? Because the dividends are declared but not paid O Because necessary adjustment to expenses, like depreciation has not been made. Because the closing inventory balance is missing O Because the cash balance is incorrect 10 11 12