Journal entries and trial balance Final Quest Chart of Accounts Journal Ledger Unadjusted Trial Balance Instructions On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexicon Nov. 1 1 6 8 Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $27.500 Paid rent for period of November 1 to end of month, $3,600. Purchased office equipment on account. $12,770. Purchased a truck for $31,400 paying S8,200 cash and giving a note payable for the remainder. Purchased supplies for cash, $1,800. Received cash for job completed, 88,800. Paid annual premiums on property and casualty insurance, 3,000. Recorded jobs completed on account and sent invoices to customers, $12.470. Received an invoice for truck expenses, to be paid in November, S1,200. 10 12 15 23 24 Enter the following transactions on Page 2 of the two-column joumat Nov. 29 8 8 8 8 8 Paid utilities expense, 53,480 Paid miscellaneous expenses, 51,550 Received cash from customers on account 58.900 Paid wages of employees, 54.150. Paid creditor a portion of the amount owed for equipment purchased on November 8, 58,440. Paid dividends, S2.100 Required: numai cantanten in hun honnin Panarofamin the chart of site in calon Check My Work PA ACCOUN JOURNAL CREDIT ASSETS POST. REF DEBIT DESCRIPTION DATE 2 3 4 5 G 7 9 40 11 52 35 14 33 26 17 18 Check My Work All work saved 2 Post (in chronological order) the joumal to a ledger of four-column accounts, inserting appropriate posting references in bt transaction is posted LEDGER Account: Cash Account: Accounts Receivable Account: Supplies Account: Prepaid Insurance Account: Equipment Account: Truck Account: Notes Payable Account: Accounts Payable Account: Common Stock Account: Dividends Account: Fees Earned Account: Wages Expense Account: Rent Expense Account: Utilities Expense Account: Truck Expense Account: Miscellaneous Expense Unadjusted Trial Balance 3. Prepare an unadjusted tral balance for Heritage Designs as of November 30 2049 Check My Work All work saved 10W Me eBook Heritage Designs UNADJUSTED TRIAL BALANCE November 30, 2049 DEBIT CREDIT ACCOUNT TITLE 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Insurance $ Equipment 6 Truck 7 Notes Payable Accounts Payable 9 Common Stock 10 Retained Earnings 11 Dividends 12 Fees Eamed 15 Wages Expense :: Rent Expense 15 Utilities Expense Truck Expense Miscellaneous Expense Totals Check My Work Show eBook 3. The trial balance is prepared from the ending balances of the ledger accounts. Be careful to put the debit balances in t Final Question 4. Determine the excess of revenues over expenses for November s Points 011 Feedback Check My Work Calculate Revenues - Expenses = Net Income 5. Can you think of any reason why the amount determined in (4) might not be the net income for November Because the closing inventory balance is missing. Because necessary adjustment to expenses, like depreciation has not been made. Because the cash balance is incorrect Because the dividends are declared but not paid Points: 111 Check My Work Cover