Question
On November 1, 2016, Patty Cosgrove established an interior decorating business, Classic Designs. During the month, Patty completed the following transactions related to the business:
On November 1, 2016, Patty Cosgrove established an interior decorating business, Classic Designs. During the month, Patty completed the following transactions related to the business: Nov. 1 Patty transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $26,000. 1 Paid rent for period of November 1 to end of month, $3,800. 6 Purchased office equipment on account, $12,710. 8 Purchased a truck for $30,400 paying $6,100 cash and giving a note payable for the remainder. 10 Purchased supplies for cash, $1,920. 12 Received cash for job completed, $8,300. 15 Paid annual premiums on property and casualty insurance, $2,200. 23 Recorded jobs completed on account and sent invoices to customers, $12,220. 24 Received an invoice for truck expenses, to be paid in November, $1,010. Enter the following transactions on Page 2 of the two-column journal: Nov. 29 Paid utilities expense, $3,510. 29 Paid miscellaneous expenses, $1,650. 30 Received cash from customers on account, $7,300. 30 Paid wages of employees, $4,550. 30 Paid creditor a portion of the amount owed for equipment purchased on November 6, $6,200. 30 Paid dividends, $2,400. Journal entries, UNADJUSTED TRIAL BALANCE, and Determine the excess of revenues over expenses for November
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started