Using the client information and documents provided in the client folder (below), prepare General Journal Entries for transactions that occurred in November and December.

1. Journal entries should be prepared in chronological order.

2. Journal entries must follow standard accounting format (i.e. Debit entered first, Credit entered second; Credit indented). You may omit explanations after each journal entry.

3. Journal entries must be typed into the ledger paper provided .

Daphne Design, Inc. had the following monthly transactions for November 1 through December 31. Remember, do not record any adjusting entries yet.

November 1 Daphne Design, Inc. issued 10,000 shares to Daphne in exchange for $5,000 cash and equipment valued at $15,000. The common stock had a par value of $1.00 per share.

November 1 Purchased a new insurance policy for the business property. Paid $6,000 for a 12- month policy that begins coverage on November 1, 2020.

November 3 Paid office rent of $1,000.

November 14 Purchased $3,000 of supplies on account, from Home Dcor Suppliers.

November 17 Paid phone/internet bill, $200

November 20 Paid utilities, $250

November 30 Client hired Daphne Design to provide interior design consulting services. The client paid $2,100, but Daphne Design wont have the consulting report ready until January.

November 30 Paid monthly wages; $1,900 to employee Maggie Taylor, and $2,200 to Daphne Smith. (HINT: Employees are paid on the last day of each month.)

December 1 Daphne Design, Inc. borrowed $12,000 from the bank, signing a 6-month note payable. The note has a 8% rate of interest. The principal and interest will be paid at the end of 6-months.

December 5 Paid office rent of $1,000.

December 17 Paid phone/internet bill, $200

December 20 Paid utilities, $250

December 21 Purchased $200 for advertising that ran the month of December.

December 22 Paid $2,500 on account to Home Dcor Suppliers

December 23 Daphne Design, Inc. borrowed $10,000 from the bank, signing a 90-day note payable. The note has a 10% rate of interest.

December 24 Daphne Design, Inc. wrote a $680 check to Discover. This credit card is Daphnes personal credit card. This credit card is not used for business purposes.

December 31 Paid monthly wages; $1,900 to employee Maggie Taylor, and $2,200 to Daphne Smith.

December 31 The company provided/completed $5,000 of consulting work on account.

EXAMPLE: Assume our client paid $800 for rent on July 5, 2016. Notice that we enter a date; we list the debit account first, the credit account second. Also, the credit entry must be indented. Be sure to enter the dollar amounts in the correct columns (DR or CR). You must also remember to complete the REF. column by entering the account number from the Chart of Accounts.

Date	Account titles and Explanation	REF.	Debit	Credit
July 5	Rent Expense	501	800
	Cash	100		800

CHART OF ACCOUNTS
Account Code	Account Title
100	Cash
101	Accounts Receivable
103	Inventory
104	Prepaid Advertising
105	Prepaid Insurance
106	Supplies
107	Land
108	Building
109	Accumulated Depreciation Building
110	Equipment
111	Accumulated Depreciation Equipment
200	Accounts Payable
201	Notes Payable
202	Unearned Service Revenue
203	Interest Payable
204	Salaries and Wages Payable
205	Utilities Payable
300	Common Stock
301	Paid-in Capital in Excess of Par
302	Retained Earnings
303	Dividends
304	Income Summary
400	Service Revenue
401	Sales Revenue
402	Interest Revenue
500	Cost of Goods Sold
501	Rent Expense
502	Insurance Expense
503	Interest Expense
504	Salaries and Wages Expense
505	Supplies Expense
506	Utilities Expense
507	Depreciation Expense
508	Phone/Internet Expense
509	Advertising Expense