On November 1, 2018, Kris Lehman established an interior decorating business, Modern Designs During the month, Kris completed the following transactions related to the business Nov 1 Kris transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $36,000 1 Paid rent for period of November 1 to end of month, $4,000 6 Purchased office equipment on account, $16,000 8 Purchased a truck for $43,000 paying $4,300 cash and giving a note payable for the remainder 10 Purchased supplies for cash, $1,860 12 Received cash for job completed, $8,000 15 Paid annual premiums on property and casualty insurance, $2,400 23 Recorded jobs completed on account and sent invoices to customers, $15,500 24 Received an invoice for truck expenses, to be paid in November, $1,250 Enter the following transactions on Page 2 of the two column journal Nov 29 Paid utilities expense, $3,660 29 Paid miscellaneous expenses, $1,700 30 Received cash from customers on account, $10,500 30 Paid wages of employees, $4,750 30 Paid creditor a portion of the amount owed for equipment purchased on November 6, $4,000 30 Paid dividends, $1,600 Required 1 Journalize each transaction in a two column journal beginning on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited (Do not insert the post reference numbers until you have posted the entry to the general ledger in part 2 ) Refer to the Chart of Accounts for exact wording of account titles 1 Journalize each transaction in a two column journal beginning on Page 1 referring to the chart of accounts in selecting the accounts to be debited and credited (Do not insert the post reference numbers until you have posted the entry to the general ledger in part 2 ) Refer to the Chart of Accounts for exact wording of account titles All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback PAGE 1 PAGE JOURNAL Score 71 434 ACCOUNTING EQUATION DATE DESCRIPTION DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 9 10 12 14 15 18 19

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 30, 2024

On November 1, 2018, Kris Lehman established an interior decorating business, Modern Designs. During the month, Kris completed the following transactions related to the business:

Nov.	1	Kris transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $36,000.
	1	Paid rent for period of November 1 to end of month, $4,000.
	6	Purchased office equipment on account, $16,000.
	8	Purchased a truck for $43,000 paying $4,300 cash and giving a note payable for the remainder.
	10	Purchased supplies for cash, $1,860.
	12	Received cash for job completed, $8,000.
	15	Paid annual premiums on property and casualty insurance, $2,400.
	23	Recorded jobs completed on account and sent invoices to customers, $15,500.
	24	Received an invoice for truck expenses, to be paid in November, $1,250.

Enter the following transactions on Page 2 of the two-column journal:

Nov.	29	Paid utilities expense, $3,660.
	29	Paid miscellaneous expenses, $1,700.
	30	Received cash from customers on account, $10,500.
	30	Paid wages of employees, $4,750.
	30	Paid creditor a portion of the amount owed for equipment purchased on November 6, $4,000.
	30	Paid dividends, $1,600.

	Required:
1.	Journalize each transaction in a two-column journal beginning on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the post reference numbers until you have posted the entry to the general ledger in part 2.) Refer to the Chart of Accounts for exact wording of account titles.

image text in transcribed

1. Journalize each transaction in a two-column journal beginning on Page 1. referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the post reference numbers until you have posted the entry to the general ledger in part 2.) Refer to the Chart of Accounts for exact wording of account titles All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 1 PAGE: JOURNAL Score: 71/434 ACCOUNTING EQUATION DATE DESCRIPTION DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 9 10 12 14 15 18 19