Journal Entries and Trial Balance the business: On October 2018, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the folllowing transactions related Oct. 1 Jay transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $25,900. to end of month, $2,510. Paid rent for period of October 4 10 Purchased a used truck for $22,000, paying $2,000 cash and giving a note payable for the remainder. 13 Purchased equipment on account, $10,100. 14 Purchased supplies for cash, $1,740. 15 Paid annual premiums on property and casualty insurance, $3,890 15 Received cash for job completed, $10,880. Enter the following transactions on Page 2 of the two-column journal: portion of the amount owed for equipment purchased on October 13, $3,600. 21 Paid creditor Recorded jobs completed on account and sent invoices to customers, $12,380. 24 26 Received an invoice for truck expenses, to be paid in November, $1,140. Paid utilities expense, $1,300. 27 Paid miscellaneous expenses, $470. 27 29 Received cash from customers on account, $5,180. 30 Paid wages of employees, $3,440. Paid dividends, $2,870. 31 Required: 1. Journalize and insert the posting references for 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. For a compound transaction, if an amount box does not require an entry, leave it blank. 11 Cash 31 Common Stock 12 Accounts Receivable 33 Dividends 13 Supplies Fees Earned 41 14 Prepaid Insurance Wages Expense 51 16 Equipment 53 Rent Expense 18 Truck 54 Utilities Expense 21 Notes Payable 55 Truck Expense 22 Accounts Payable 59 Miscellaneous Expense General Journal Page 1 Description Post. Ref. Debit Credit Date 2018 Cash Oct. 1 Common Stock Oct. 4 Rent Expense Cash Truck Oct. 10 Cash Notes Payable Equipment Oct Accounts Payable Supplies Oct. 14 Cash Prepaid Insurance Oct. 15 Cash Cash Oct. 15 Fees Earned General Journal Page 2 Description Post. Ref. Debit Credit Date 2018 Accounts Payable Oct. 21 Cash Accounts Receivable Oct. 24 Fees Earned Truck Expense Oct. 26 Accounts Payable Utilities Expense v Oct. 27 Cash Miscellaneous Expense Oct. 27 Cash Cash Oct. 29 Accounts Receivable Wages Expense Oct. 30 Cash Dividends Oct. 31 Cash the general journal each item is posted. Extend the balances to the Post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references 2. appropriate balance columns after each transaction is posted. If an amount box does not require an entry, leave it blank. General Ledger 11 ACCOUNT NO. Cash Account Balance Credit Debit Credit Debit Post. Ref. Item Date 2018 1 Oct. : 1 Oct. 4 Oct. 10 1 1 Oct. 14 Oct. 15 1 Oct. 15 Oct, 21 2 Oct. 27 2 Oct. 27 2 Oct. 29 2 Oct. 30 2 Oct. 31 Account Accounts Receivable ACCOUNT NO. 12 Balance Item Post. Ref. Debit Credit Debit Credit Date 2018 Oct. 24 2 Oct. 29 2. Supplies ACCOUNT NO. 13 Account Balance Post. Ref. Credit Date Item Debit Credit Debit 2018 Oct. 14 1 Prepaid Insurance ACCOUNT NO. 14 Account Balance Post. Ref Date Item Debit Credit Debit Credit 2018 Oct. 15 1 Equipment ACCOUNT NO. 16 Account Balance Item Post. Ref. Debit Credit Debit Credit Date 2018 Oct. 13 1 Truck ACCOUNT NO. 18 Account Balance Debit Item Post. Ref. Debit Credit Credit Date 2018 Oct. 10 1 Notes Payable ACCOUNT NO. 21 Account Balance Debit Date Post. Ref. Credit Debit Credit Item 2018 Oct. 10 1 Accounts Payable ACCOUNT NO. 22 Account Balance Post. Ref. Date Debit Credit Debit Credit Item 2018 Oct. 13 Oct. 21 2 Oct. 26 2 Common Stock ACCOUNT NO. 31 Account Balance Post. Ref. Item Debit Credit Debit Credit Date 2018 Oct. 1 1 Dividends ACCOUNT NO. 33 Account Balance Post. Ref Date Item Debit Credit Debit Credit 2018 Oct. 31 2. Fees Earned ACCOUNT NO. 41 Account Balance Date Item Post. Ref. Debit Credit Debit Credit 2018 Oct. 15 1 Oct. 24 2 ACCOUNT NO. 51 Account Wages Expense Balance Debit Post. Ref. Debit Credit Credit Date Item 2018 Oct. 30 2 Rent Expense ACCOUNT NO. 53 Account Balance Post. Ref. Date Item Debit Credit Debit Credit 2018 Oct. 4 1 Utilities Expense Account ACCOUNT NO. 54 Balance Item Post. Ref. Debit Credit Debit Credit Date 2018 Oct. 27 2 Truck Expense ACCOUNT NO. 55 Account Balance Date Post. Ref. Debit Credit Debit Credit Item 2018 Oct. 26 2. Miscellaneous Expense ACCOUNT NO. 59 Account Balance Post. Ref Item Debit Credit Debit Credit Date 2018 Oct. 27 2. 3. Prepare an unadjusted trial balance for Intrex Designs as of October 31, 2018. List all accounts in the order of Assets, Liabilities, Stockholders' equity, Revenues, and Expenses.For those boxes which no entry is required, leave the box blank. The first two account titles are filled as an example. Pioneer Designs Unadjusted Trial Balance October 31, 2018 Credit Balances Debit Balances Cash Accounts Receivable Supplies Prepaid Insurance Equipment V Truck Notes Payable Accounts Payable Common Stock Dividends Fees Earned Wages Expense Rent Expense Expense Truck Expense Miscellaneous Expense Totals 4. Determine the excess of revenues over expenses for October Feedback Y Check My Work Incorrect 5. Why the amount determined in above might not be the net income for October? 1. Because the dividends are declared 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 depreciation has not been made 4