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Obj. 1, 2, 3,4 PR 2-3B Journal entries and trial balance 3.Total of Credit column: On October 1, 2018, Jay Pryor established an interior decorating

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Obj. 1, 2, 3,4 PR 2-3B Journal entries and trial balance 3.Total of Credit column: On October 1, 2018, Jay Pryor established an interior decorating business, Pioneer Designs. During the mo nth, Jay completed the following transactions related to the business $70,300 Jay transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $18,000. Paid rent for period of October 4 to end of month, $3,000. Purchased a used truck for $23,750, paying $3,750 cash and giving a note payable for the remainder. Purchased equipment on account, $10,500. Purchased supplies for cash, $2,100. Oct. 1. 4. 10. 13. 14. SHOW ME NOW EXCEL TEMPLATE CENERAL LEDGER Oct. 15 Paid annual premiums on property and casualty insurance, $3,600. 15. Received cash for job completed, $8,950 Enter the following transactions on Page 2 of the two-column journal 21. Paid creditor a portion of the amount owed for equipment purchased on October 13, $2,000. 24. Recorded jobs completed on account and sent invoices to customers, $14,150. 26. Received an invoice for truck expenses, to be paid in November, $700 27. Paid utilities expense, $2,240. 27. Paid miscellaneous expenses, $1,100. 29. Received cash from customers on account, $7,600 30. Paid wages of employees, $4,800. 31. Paid dividends, $3,500. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the fol- 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.) Journal entry explanations may be omitted 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 2. 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. pare an unadjusted trial balance for Pioneer Designs as of October 31, 2018 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

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