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Journal entries and trial balance On October 1, 2014, Jay Pryor established an interior decorating business, Ploneer Designs. During the month, Jay completed the following

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Journal entries and trial balance On October 1, 2014, Jay Pryor established an interior decorating business, Ploneer Designs. During the month, Jay completed the following transactions related to the business: 4. Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $29,700. Paid rent for period of October 4 to end of month, $2,880. 10. Purchased a used truck for $25,000, paying $2,000 cash and giving note payable for the remainder. 13. Purchased equipment on account, $11,580. 14. Purchased supplies for cash, $1,990. 15. Paid annual premiums on property and casualty insurance, $4,460. 15. Received cash for job completed, $12,470. Enter the following transactions on Page 2 of the two-column journal: 21. Paid creditor portion of the amount owed for equipment purchased on October 13, $4,130. 24. Recorded jobs completed on account and sent invoices to customers, $14,200. 26. Received an invoice for truck expenses, to be paid in November, $1,310. 27. Paid utilities expense, $1,490. 27 Paid miscellaneous expenses, $530. 29. Received cash from customers on account, $5,940. 30. Paid wages of employees, $3,950. 31. Paid dividends, $3,300. 2. Ast (in chronological order) the journal to a ledger of four-column accounts, incerting appropriate posting references as each item is posed. Extend the balances to the appropriate balance pour aller och transaction is posted. If an amount box does not require an entry leave it blank. General Ledger Accounti Cash Account No. 11 Balance Date Item Post. Rer. Debit Credit Debit Credit 2011. Oct. 1 20,700 0 29,7007 ov Oct. 1 2,880 26,820 D art. 10 O 2,000 D 104, 14 Utt. 15 Oct. 15 Oct. 2 art. 27 O. 27 Oct. 29 Oct. 30 Oct. 31 Account Accounts Receivable Account No. 12 Balance Debit Credit Date Item Post. Ref. Debit Credit 2014, Oct. 24 act. 20 Account: Supplies Acxnunt No. 13 Balance Date Item Post. Ref. Debit Credit Debit Credit I 2011. art. 14 Account: Prepaid Insurance Account No. 14 Balance Date Item Post. Ref. Debit Credit Debit Credit 2011 ad. 15 Arenunt: Equipment Acxnunt No. 16 Balance Date Item Post. Rer. Debit Credit Debit Credit 2011 Oct. 13 Account: Truck 18 Account No. Balance Date Item Post. Ref. Debit Credit Debit Credit I 2014 ad. 10 Account Notes Payable Account No. 21 Balance 1 Date Item Post. Rer. Debit Credit Debit Credit 2011 art. 10 Account: Accounts Payable Account No. 22 Balance Date Item Post. Ref. Debit Credit Debit Credit 2091. art. 13 0.4.21 Uit. 20 Account: Cornien Stock Account No. 31 Balance Date Item Post. Ret. Debit Credit Debit Credit 2014, Oct. 1 Account: Dividends Account No. 33 Balance Item Post. Ret. Debit Credit Debit Credit Date 2014, Oct. 31 Account: Fees Earned Account Na. 41 Balance Date Item Post. Ref. Debit Credit Debit Credit 2014 Oct. 15 art. 24 . Account: Wages Expensa Acxnunt No. 51 Balance Date Item Post. Rer. . . Debit Credit Debit Credit 2014, Oct. 30 Arnunt: Rent Expense Acxnunt No. 53 Balance Date Item Post. Rer. Debit Credit Debit Credit 2014. Oct. 4 Pioneer Designs Unadjusted Trial Balance October 31, 2014 Account No. Debit Balances Credit Balances *** Totals 4. Determine the excess of reverserempens for October Totes WWW 3. The tral balance is prepared from the ending balances of the ledger accounts. Be careful to put the detit balances in the Debit column and the credit be anses in the credit column. Remember the trial balance column totals should be equal. 1. Calculate Revenues - Expenses = Net Income 5. Why the amount determined in above might not be the nct incamc for October? 1. eccause the dividends are declared bui nat pald 2. Because the cash bsances incorrect. 3. Because the dosing inventory balance is missing 4. Because necessary adjustment ta experses, like depreciation has not been made Journal entries and trial balance On October 1, 2014, Jay Pryor established an interior decorating business, Ploneer Designs. During the month, Jay completed the following transactions related to the business: 4. Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $29,700. Paid rent for period of October 4 to end of month, $2,880. 10. Purchased a used truck for $25,000, paying $2,000 cash and giving note payable for the remainder. 13. Purchased equipment on account, $11,580. 14. Purchased supplies for cash, $1,990. 15. Paid annual premiums on property and casualty insurance, $4,460. 15. Received cash for job completed, $12,470. Enter the following transactions on Page 2 of the two-column journal: 21. Paid creditor portion of the amount owed for equipment purchased on October 13, $4,130. 24. Recorded jobs completed on account and sent invoices to customers, $14,200. 26. Received an invoice for truck expenses, to be paid in November, $1,310. 27. Paid utilities expense, $1,490. 27 Paid miscellaneous expenses, $530. 29. Received cash from customers on account, $5,940. 30. Paid wages of employees, $3,950. 31. Paid dividends, $3,300. 2. Ast (in chronological order) the journal to a ledger of four-column accounts, incerting appropriate posting references as each item is posed. Extend the balances to the appropriate balance pour aller och transaction is posted. If an amount box does not require an entry leave it blank. General Ledger Accounti Cash Account No. 11 Balance Date Item Post. Rer. Debit Credit Debit Credit 2011. Oct. 1 20,700 0 29,7007 ov Oct. 1 2,880 26,820 D art. 10 O 2,000 D 104, 14 Utt. 15 Oct. 15 Oct. 2 art. 27 O. 27 Oct. 29 Oct. 30 Oct. 31 Account Accounts Receivable Account No. 12 Balance Debit Credit Date Item Post. Ref. Debit Credit 2014, Oct. 24 act. 20 Account: Supplies Acxnunt No. 13 Balance Date Item Post. Ref. Debit Credit Debit Credit I 2011. art. 14 Account: Prepaid Insurance Account No. 14 Balance Date Item Post. Ref. Debit Credit Debit Credit 2011 ad. 15 Arenunt: Equipment Acxnunt No. 16 Balance Date Item Post. Rer. Debit Credit Debit Credit 2011 Oct. 13 Account: Truck 18 Account No. Balance Date Item Post. Ref. Debit Credit Debit Credit I 2014 ad. 10 Account Notes Payable Account No. 21 Balance 1 Date Item Post. Rer. Debit Credit Debit Credit 2011 art. 10 Account: Accounts Payable Account No. 22 Balance Date Item Post. Ref. Debit Credit Debit Credit 2091. art. 13 0.4.21 Uit. 20 Account: Cornien Stock Account No. 31 Balance Date Item Post. Ret. Debit Credit Debit Credit 2014, Oct. 1 Account: Dividends Account No. 33 Balance Item Post. Ret. Debit Credit Debit Credit Date 2014, Oct. 31 Account: Fees Earned Account Na. 41 Balance Date Item Post. Ref. Debit Credit Debit Credit 2014 Oct. 15 art. 24 . Account: Wages Expensa Acxnunt No. 51 Balance Date Item Post. Rer. . . Debit Credit Debit Credit 2014, Oct. 30 Arnunt: Rent Expense Acxnunt No. 53 Balance Date Item Post. Rer. Debit Credit Debit Credit 2014. Oct. 4 Pioneer Designs Unadjusted Trial Balance October 31, 2014 Account No. Debit Balances Credit Balances *** Totals 4. Determine the excess of reverserempens for October Totes WWW 3. The tral balance is prepared from the ending balances of the ledger accounts. Be careful to put the detit balances in the Debit column and the credit be anses in the credit column. Remember the trial balance column totals should be equal. 1. Calculate Revenues - Expenses = Net Income 5. Why the amount determined in above might not be the nct incamc for October? 1. eccause the dividends are declared bui nat pald 2. Because the cash bsances incorrect. 3. Because the dosing inventory balance is missing 4. Because necessary adjustment ta experses, like depreciation has not been made

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