Obj. 1, 2, 3,4 PR 2-3A Journal entries and trial balance On November 1, 2018, Kris Lehman established an interior decorating business, Moderm Designs During the month, Kris completed the following transactions related to the business Nov. 1. Kris transferred cash from a personal bank account to for cammon stock, $36,000. 1. Pald rent for period of November 1 to end of month, $4,000. 6 Purchased office equipment on account, $ 16,000 an account to be used for the business in exchange 8. Purchased a truck for $43,000 paying $4,300 cash and giving a note payable for the remalnder. 10. Purchased supplies for cash, $1,860. 12 Received cash for job completed, $8,000. 1S. Pald annual 23. Recorded jobs completed on acount and sent invoices to custorners, $15,500. 24. Recelived an invoice for truck expenses, to be paid in Novernber, $1,250 Ener the following tmansacrions on Page 2 of tbe swo-column journal 29. Paid utilities expense, $3,660 29. Paid miscellaneous expenses, $1,700. 30. Received cash from customers on account, $10,500. 30. Paid wages ofemployees, $4,750. 30. Pald creditor a portion of the amount owed for equipment purdhased on November 6, $4,000. 30. Pald dividends, $1,600. premiums on property and casualhy insurance, $2,400. ons I. Journalize each transaction in a two-column journal beginning on Page 1, referring to the lowing chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Explanations may be omitted. 31 Common Stock 33 Dividends 41 Fees Eamed 51 Wages Expense 53 Rent Expense 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 54 Utlities Expense 55 Truck Expense 59 Miscellaneous Expense Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. Prepare an unadjusted trial balance for Modern Designs as of November 30, 2018. Determine the excess of revenues over expenses for November. Can you think of any reason why the amount determined in (4) might not be the net income for November