On June 1, 2076, Hannah Ells established an interior decorating business, Whilworth Designs. During the month, Hannah completed the following transactions related to the business June 1 1 6 5 Hannah transferred cash from a personal bank account to an account to be used for the business, 348,000 Pald vert for period of June 1 to end of month, 86,510. Purchased office equipment on account. $19,340. Purchased a van for $39,100 paying $5,200 cash and giving a note payable for the remainder Purchased supplies for cash, $3,260. Received cash for job completed, $16.730. Paid annual premiums on property and casualty insurance, 84,040. Recorded Jobs completed on nocount and cont involcos to customers, S16,320 Received an invoice for van expenses, to be paid in Aly $2,000 10 12 15 2a 24 Enitor the following transactions on Page 2 of the two-column joumat June 29 Paid utilities expense, $4,250 Paid miscellaneous expenses, $1,300. 29 Recolved cash from customers on account, $10.050. 30 30 Paid wages of employees, $6,650. Paid creditor a portion of the amount owed for equiment purchased on June 6, 59,360 30 Required: 1. Journalize each transaction in a two-column joumal beginning on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the post reference numbers until you have posted the entry to the general ledger in part 2) CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW Journals will automatically indent a credit entry when a credit amount is entered 2. Post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references in both the journal and the ledger as ench item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. Record DATE, POST. REF, a debit or credit and a debitor credit under BALANCE on every line. In CNOW, Journal pages do not begin with ")". For example journal page 10 POST. REF is simply 10. If the ending balance is so, at least one balance amount should be so. 3. Prepare an unadjusted trial balance for Whitworth Designs as of June 30, 20Y6 4. Determine the excess of revenues over expenses for June. 5. Can you think of any reason why the amount determined in (4) might not be the net income for June