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, $50,000.
	1	Paid rent for period of November 1 to end of month, $4,000.
	6	Purchased office equipment on account, $15,000.
	8	Purchased a truck for $38,500 paying $5,000 cash and giving a note payable for the remainder.
	10	Purchased supplies for cash, $1,750.
	12	Received cash for job completed, $11,500.
	15	Paid annual premiums on property and casualty insurance, $2,400.
	23	Recorded jobs completed on account and sent invoices to customers, $22,300.
	24	Received an invoice for truck expenses, to be paid in November, $1,250.

Nov.	29	Paid utilities expense, $4,500.
	29	Paid miscellaneous expenses, $1,000.
	30	Received cash from customers on account, $9,000.
	30	Paid wages of employees, $6,800.
	30	Paid creditor a portion of the amount owed for equipment purchased on November 6, $3,000.
	30	Paid dividends, $2,500.

CHART OF ACCOUNTS Heritage Designs General Ledger \begin{tabular}{ll} \multicolumn{1}{c}{ ASSETS } & \multicolumn{1}{l}{ REVENUE } \\ 11 Cash & 41 Fees Earned \\ 12 Accounts Receivable & EXPENSES \\ 13 Supplies & 51 Wages Expense \\ 14 Prepaid Insurance & 53 Rent Expense \\ 16 Equipment & 54 Utilies Expense \\ 18 Truck & 55 Truck Expense \\ & 59 Miscellaneous Expense \\ 21 Notes Payable & \end{tabular} solumns after each transaction is posted. Ledger Heritage Designs UNADJUSTED TRIAL BALANCE November 30,20Y9 4. Determine the excess of revenues over expenses for November. 5. Can you think of any reason why the amount detemined in (4) might not be the net income for November? Because the dividends are declared but not paid. Because necessary adjustment to expenses, like depreciation has not been made. Because the cash balance is incorrect. Because the closing inventory balance is missing