Journal Entries and Trial Balance Oct 1. 4. On October 1, 2016, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Jay transferred cash from a personal bank account to an account to be used for the business, $24,500. Paid rent for period of October 4 to end of month, $2,380. 10. Purchased a used truck for $20,000, paying $2,000 cash and giving a note payable for the remainder. 13. Purchased equipment on account, $9,560 14. Purchased supplies for cash, $1,640. 19. Paid annual premiums on property and casualty insurance, $3,680, 15. Received cash for job completed, $10,290 Enter the following transactions on Page 2 of the two column Journal: Pald creditor a portion of the amount owed for equipment purchased on October 13, $3,410. Recorded jobs completed on account and sent invoices to customers, $11,710. Recelved an involce for truck expenses, to be paid in November, 51,080, Paid ubities expense, $1,230, Pald Macellaneous expenses, 5440. Received cash from customers on account, 54,900 Pald wages of employees, 59,260, Withdrew cash for personal use, $2,720. 21. 24 26 27 27 29 30 31. Show Me How Printem Required: 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not Insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank 11 Cash 12 Accounts Receivable 13 Supplies 31 Jay Pryor, Capital 32 Jay Pryor, Drawing 41 Fees Eamed 14 Prepaid Insurance 51 Wages Expense 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense General Journal Page 1 Date Description Post. Ref. Debit Credit 2016 Oct. 1 Oct. 4 Oct. 10 5 rem Oct. 13 Oct. 14 Oct. 15 Oct. 15 Page 2 General Journal Description Post. Ref. Date Debit Credit 2016 Oct. 21 Oct. 24 Oct. 26 Oct. 27 de eBook Show Me How Print Item Oct. 27 Oct. 27 Oct. 29 3 Oct. 30 Oct. 31 2. Post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references in the general journal as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. If an amount box does not require an entry, leave it blank General Ledger Account Cash ACCOUNT NO. 11 Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Oct. 1 Oct. 4 Oct. 10 Oct. 14 Oct. 15 Oct. 15 Oct. 21 Oct. 22 Oct. 27 Oct 29 Oct. 30 Oct. 31 eBook Show Me How Print Item Account Accounts Receivable 12 ACCOUNT NO. Balance Debit Date Item Post. Ref. Debit Credit Credit 2046 Oct. 24 Oct. 29 Account Supplies ACCOUNT NO. 13 Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Oct. 14 Account Prepaid Insurance ACCOUNT NO. 14 Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Oct. 15 Account Equipment ACCOUNT NO. 16 Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Oct. 13 Account Truck ACCOUNT NO. 18 Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Oct. 10 Account Notes Payable ACCOUNT NO. 21 Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Oct. 10 Account Accounts Payable ACCOUNT NO. 22 Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Oct. 13 Oct. 21 Oct. 26 Account Jay Pryor, Capital ACCOUNT NO. 31 Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Oct. 1 Account Jay Pryor, Drawing ACCOUNT NO 32 Balance Date Item Post. Rer. Debit Credit Debit Credit 2016 Oct. 31 chopte eBook 34 Show Me How Print Item Account Fees Earned ACCOUNT NO. 41 Balance Date Item Post. Ref. Debit Credit Debit Credit 2046 Oct. 15 Oct. 24 Account Wages Expense ACCOUNT NO. 51 Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Oct. 30 Account Rent Expense ACCOUNT NO. 53 Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Oct, 4 Account Utilities Expense ACCOUNT NO. 54 Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Oct. 27 Account Truck Expense ACCOUNT NO. 55 Balance Date Item Post. Ref. Debit Credit Debit Credit 2046 Oct. 26 Account Miscellaneous Expense ACCOUNT NO. 59 Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Oct. 27 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 20Y6. For those boxes in which no entry is required, leave the box blank. The first two account titles are filled in as an example, Pioneer Designs Unadjusted Trial Balance October 31, 2016 Debit Balances Credit Balances Cash Accounts Receivable 4. Determine the excess of revenues over expenses for October 5. Can you think of any reason why the amount determined in (4) might not be the net income for October? 1. Fees carned Includes some fees earned in the month of October that have not been recelved. 2. Utilities expense includes expenses incurred for the month of October than have not yet been paid 3. Some supplies may have been used during October but no supplies expense has been recorded 4. Additions to capital has been wrongly recorded as drawings