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.1Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $27,600.1Paid rent for period of November 1 to end of month, $3,200.6Purchased office equipment on account, $12,860.8Purchased a truck for $31,700 paying $6,200 cash and giving a note payable for the remainder.10Purchased supplies for cash, $1,480.12Received cash for job completed, $8,400.15Paid annual premiums on property and casualty insurance, $2,400.23Recorded jobs completed on account and sent invoices to customers, $12,060.24Received 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.29Paid utilities expense, $3,590.29Paid miscellaneous expenses, $1,500.30Received cash from customers on account, $7,400.30Paid wages of employees, $4,200.30Paid creditor a portion of the amount owed for equipment purchased on November 6, $6,190.30Paid dividends, $2,200.Required:1.Journalizeeach transaction in a two-columnjournalbeginning on Page 1, referring to thechart of accountsin selecting theaccountsto bedebitedandcredited. (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 aledgerof 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.Do an unadjusted trial balancefor Heritage Designs as of November 30, 20Y9.4.Determine the excess ofrevenuesoverexpensesfor November.5.Can you think of any reason why the amount determined in (4) might not be the net income for November?