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On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the business:
On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the business: Nov. 1 Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $27,600. Paid rent for period of November 1 to end of month, $3,200. 6 Purchased office equipment on account, $12,860. i Purchased a truck for $31,700 paying $6,200 cash and giving a note payable for the remainder. 10 Purchased supplies for cash, $1,480. Received cash for job completed, $8,400. 15 Paid annual premiums on property and casualty insurance, $2,400. 3 Recorded jobs completed on account and sent invoices to customers, $12,060. 24 Received an invoice for truck expenses, to be paid in November, $1,230. Enter the following transactions on Page 2 of the two-column journal: Nov. 29 Paid utilities expense, $3,590. 29 Paid miscellaneous expenses, $1,500. 30 Received cash from customers on account, $7,400. 0 Paid wages of employees, $4,200. 30 Paid creditor a portion of the amount owed for equipment purchased on November 6,$6,190. Paid dividends, $2,200
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