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, $27,500. 1 Paid rent for period of November 1 to end of month, $3,600. 6 Purchased office equipment on account, $12,770. 8 Purchased a truck for $31,400 paying $6,200 cash and giving a note payable for the remainder. 10 Purchased supplies for cash, $1,800. 12 Received cash for job completed, $8,800. 5 15 23 23 Paid annual premiums on property and casualty insurance, $3,000. Recorded jobs completed on account and sent invoices to customers, $12,470. 24 Received an invoice for truck expenses, to be paid in November, $1,200.