Lesters' Jewelry company completed these transactions during November of the current year:

Nov. 1

Began a the business by investing $3,000 in cash and

Precious stones with a $10,000 fair value.

Nov. 2

Purchased on credit office equipment, $1,500, and office supplies, $500.

Nov. 4

Completed a custom bracelet for client and immediately received

a payment of $1,200 cash.

Nov. 8

Nov. 9

Completed a necklace for a client and charged his account $3,400.

Hired a new employee to begin work on Nov 20.

Nov. 10

Paid for the items purchased on credit on November 2.

Nov. 14

Paid the annual $1,200 premium on an insurance policy.

Nov. 18

Received payment in full from the client of November 8.

Nov. 23

Took out a bank loan of $20,000.

Nov. 27

Lester withdrew $250 cash from the business to pay

Nov 29

personal expenses.

Paid employees $800 for the months wages.

Nov. 30

Paid the November utility bills, $225.

Required:Prepare journal entries for the above transactions.Omit explanations.

Question 1: Journal Entries (26 marks) Lesters' Jewelry company completed these transactions during November of the current year: Nov. 1 Began a the business by investing $3,000 in cash and Precious stones with a $10,000 fair value. Nov. 2 Nov. 4 Purchased on credit office equipment, $1,500, and office supplies, $500. Completed a custom braclet for client and immediately received a payment of $1,200 cash. Nov. 8 Completed a necklace for a client and charged his account $3,400. Nov. 9 Nov. 10 Hired a new employee to begin work on Nov 20. Paid for the items purchased on credit on November 2. Nov. 14 Paid the annual $1,200 premium on an insurance policy. Nov. 18 Received payment in full from the client of November 8. Nov. 23 Took out a bank loan of $20,000. Nov. 27 Lester withdrew $250 cash from the business to pay personal expenses. Nov 29 Paid employees $800 for the months wages. Nov. 30 Paid the November utility bills, $225. Required: Prepare journal entries for the above transactions. Omit explanations. dar Date Account Debit Credit