Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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:

image text in transcribedimage text in transcribed

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Mcgraw Hill 36 Hour Course In Finance For Non Financial Managers

Authors: Robert Cooke

2nd Edition

0071425462, 978-0071425469

More Books

Students also viewed these Accounting questions

Question

4. What are the current trends in computer software platforms?

Answered: 1 week ago