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 1 Kris transferred cash from a personal bank account to an account to be used for the business in exchange for common stock $35,000 Paid rent for period of November 1 to end of month, 54,000 6 Purchased office equipment on account, 516,000 & Purchased a truck for $43,000 paying $4,300 cash and giving a note payable for the remainder Purchased supplies for cash. 51,860 Received cash for job completed, $8,000 15 Paid annual premiums on property and casualty insurance $2,400 10 12 22 Recorded it comited on account and cent invoices to comers 515.500 Instructions 23 Recorded jobs completed on account and sent invoices to customers, 515,500 Received an invoice for truck expenses, to be paid in November, S1,250. 24 Enter the following transactions on Page 2 of the two column jourrat Nov 29 29 30 Paid utilities expense, 53,660 Paid miscelianeous expenses, 51.700. Recelved cash from customers on account, $10,500 Pald wages of employees, 54,750 Paid creditor a portion of the amount owed for equipment purchased on November 6, 54,000. Paid dividends, $1,600 30 30 30 Journal entries and trial balance Chart of Accounts Journal Ledger Unadjusted Trial Balance Instructions 30 Pald dividends, $1,600 Required: 1. Journakze each transaction in a two-column journal beginning on Page 1, referring to the chart of accounts in selecting the accounts to be dobited 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 100s. 2. Poat (in chronological order) the journal to a ladows of four-column accounts, nerting peopriate postig rotorences in both the foumal and the deciper as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted 3. Prepare an unadjusted trial balance for Modern Designs as of November 30, 2018 4. Determine the excess of revenues over expenses for November 5. Can you think of any reason why the amount determined in (0) might not be the net sncome for November