PART 1: TRANSACTIONS AND LEDGERS Record the following transactions as journal entries in the journal. Post the transactions to the ledger accounts. Find the month end balance for each ledger account. 11/1/2020: Maya Davis forms Davis Designs company by contributing $28,000 cash and S12,000 worth of computer and design software equipment in exchange for Common Stock. 11/1/2020: Davis Designs signs a lease with a lessor for some business office space. The company pays $2,700 for the first 3 months rent. 11/2/2020: Davis Designs buys S540 of supplies for drawing sketching printing, etc. 11/2/2020: Davis Designs pays $900 for a 12-month insurance contract covering the company's legal liability and office asset insurance coverage. 11/3/2020: Davis Designs receives $3,500 from the customer Sketcher Logistics for a design sketch and a plant list that Davis Designs drew up and delivered the same day, 11/6/2020: Davis Designs bills its customer BRX Corporation $1.800 for a sketch performed and submitted that day. The payment terms offered to BRX Corporation are 2/10 Net/45. 11/10/2020: Davis Designs borrows $50,000 from their bank, in order to have money to pay for things. The note payable is for 180 days, at 4% interest, and will be paid back with the interest at the maturity date. 11/15/2020: Davis Designs purchases, on account, a large copy/print machine from Office Worx for $2,600. The payment terms for Davis Designs are 2/10, Net 30. 11/16/2020: Davis Designs bills its customer Epicenter Construction S1,700 for a design and plant list drawn and delivered that day. The payment terms offered to Epicenter Construction are 2/10, Net 45. 11/19/2020: Davis Designs pays $1,460 to Make It Market advertising agency for a website design, business cards, and some other advertising items. 11/21/2020: Davis Designs bills its customer, Hanover Engineering, $2,800 for a design drawn and delivered that day. The terms offered to Hanover Engineering are 2/10. Net 30. 11/29/2020: Davis Designs receives the full payment from BRX Corporation 11/30/2020: Davis Designs receives and records the bill for the bundled utility services (electric, phone, and internet) for the office; the bill is $380. Davis Designs will pay it next month. 11/30/2020: Davis Designs pays Maya Davis $3,000 in dividend distributions. As of yet, Davis Designs does not have any employees. (You did advise Maya that she needs to be "employed" as an employee of the company, and start receiving a regular paycheck because the IRS always frowns upon privately-owned companies that do not have regular payroll and payroll taxes.... She said she will think about this.) 11/30/2020: You bill Davis Designs for your services, S450. You are not an employee, but instead a business that bills clients by the hour
