On November 1, 20Y9, Lexi Martin establshed an interior decorating business, Hertage Designs During the month, Loxi completed the following transactions related to the business: Nov: 1 Lexi translerred cash from a personal bank account to an acoount to be used for the business in exchange for common stock $27,600. 1 Paid rent for period of November t to end of month, $3,200. 6 Purchased office equpment on account, $12,360. 8. Purchased a truck for $31,700 paying $6,200 cash and giving a note payable for the remainder. 10 Purchased supples for cash, $1,480. 12. Received cash for job completed, \$8,400. 15 Paid annual premkims on preperty and casualty insuance, $2,400. 23. Recorded jobs completed on account and sent invoices to customers, \$12,060. 24. Received an invoice foc truck expenses, to be paid in November, $1,230. Ener the following transactions on Page 2 of the two-colurn joumat: Nov. 29 Paid utbities expense, \$3,590. 29 Paid misceltaneous expenses, 51,500 Nov. 29 Paid ubilties expense, $3,590. 29 Paid miscellaneous expenses, $1,500. 30 Received cash from customers on account, $7,400. 30 Paid wages of employees, $4,200. 30 Paid creditor a portion of the amount owed for equigment purchased on November 6,$6,190. 30 Paid dividends, $2,200. Required: 1. doumaize each transaction in a wo-column koumal beginning on Page 1, reforring to the chart of accounts in selecting the accounts to be sobited and srediled (Do not insert the post reference numbers untif you have posted the enty to the generat ledger in part 2.). 2. Peat (in chronological order) the joumal to a ledger of four-cotumn accounts, inserting appropriate posting references in both the joumal and the 3. Prepare an inicfisted trial balance for Hertage O.signs as a Moprope balance columns after each traisaction is posted. 4. Delermine the excess of tevenves overempenses for Noverser. 30,20V. 5. Can you think of any reason why the amount defermined in (4) might not be the not income for November