On November 1, 2018, Kris Levan established an interior decorating business Modern Desig. During the months compted the following the Nov 1 Kris transferred cash from a personal bank account to an account to be used for the busin exchange for common stock $27,200 1 Paid rent for period of November 1 to end of mouth, 54,000 6 Purchased office equipment on account, $12,020 8 Purchased a truck for $30,000 paying $6,900 cash and giving a sole gayable for the reader 10 Purchased supples for cash, 51,650, 12 Received cash for pob completed. 8,000 15 Paid annual premium on property and casualty Insurance, 92.300 23 Recorded jobs completed on account and sent voices to customers. 512.000 24 Received an voice for truck expenses to be paid November, 51,180 Enter the following transactions on Page 2 of the two-column journal Nov 29 29 30 Paid utilities expense, 53.560 Paid miscelaneous expenses, 51,800 Received cash from customers on account 57,500 Paid wages of employees, 54,750 Paid creditor a portion of the amount owed for equipment purchased on November 56,230 Paid dividends. 52,000 30 30 30 29 30 30 Paid miscellaneous expenses, $1,800 Received cash from customers on account, $7,500 Paid wages of employees, $4,750 Paid creditor a portion of the amount owed for equipment purchased on November 6, 56,230 Paid dividends, $2,000 30 30 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 2 Post (in chronological order) the journal to a ledtoer of four-column accounts, inserting appropriate posting references in both the journal and the ledger as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted 3. Prepar an undiusted 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 (4) might not be the net income for November