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Journal Ledger Unadjusted Thal Balance Final Question Instructions On November 1, 2049, Lexi Martin established an interior decorating business, Heritage Designs, During the month, Lexi completed the following transactions related to the business Nov 1 1 6 8 Lex transferred cash from a personal bank account to un account to be used for the business in exchange for common stock, 527 600 Paid rent for period of November 1 to end of month $3200 Purchased once equipment on account, $12,800 Purchased a truck for $31,700 paying $6.200 cash and giving a note payable for the remainder Purchased supplies for cash. 51.480 Received cash for jobs completed $8.400 Pald annual premiums on property and casualty insurance, 52.400 Recorded jobs completed on account and sont invoices to customers. 512.060 Received an invoice for truck expenses to be paid in Novembet 51.230 10 12 15 23 24 Enter the following transactions on Page 2 of the wo-column Journal Nov 20 29 30 Paid utilities expense, 53,500 Paid miscellaneous expenses, 51,500 Received cash from customers on account, 37,400 Pald wages of employees, 54200 Paid creditor a portion of the amount owed for equipment purchased on November (56.190 Paid dividends, 12.200 30 30 30 Journal PAGE 1 PAGE 2 JOURNAL Score: 77434 ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CRENT ASSETS LIABILITIES EQUITY 1 2 5 8 10 14 11 CHART OF ACCOUNTS Heritage Designs General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies EXPENSES 14 Prepaid Insurance 51 Wages Expense 16 Equipment 53 Rent Expense 18 Truck 54 Utilities Expense 55 Truck Expense LIABILITIES 59 Miscellaneous Expense 21 Notes Payable 22 Accounts Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Required: 1 Journalize each transaction in a two-column journal 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 und 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 a ledare of four-column accounts, inserting appropriate posting references in both the journal and the Indger as each item is posted Extend the balances to the appropriate balance columns after each transaction is posted 3. Prepare an unedusted trial balance for Heritage Designs as of November 30, 2019 4. Determine the excess of rowens over expenses for November 5. Can you think of any reason why the amount determined in (4) might not be the net income for November? Question not attempted. LEDGER Score: 0/376 Account: Cash Account No. 11 BALANCE DATE MEM POST. REF DESIT CRENT DEBIT CREDIT 2 0 15 11 12 Ledger Account No. 12 Account Accounts Receivable FALANCE ITEM POSTRE DEBIT CREEKY DEBIT CREAT 2 Account No. 13 Account Supplies BALANCE DETE ITEM POST RER DEBIT CROAT DET CREDIT 1 Account: Prepaid Insurance Acadunt No. 14 DATE BALANCE ITEM ITEM POSTRES DOBIT CREDIT DOBIT CREDIT 1 Account: Equipment Account No. 16 DATE ITEM POSTI REF DELIT BALAKE CREDIT DEBIT CREO 1 Account Truck Account No. 10 DATE ITEM POST REF BALANCE CERIT CREDIT DEBIT CREDIT 1 Shaded cells have feedback Ledger Account: Notes Payable Account No. 21 DATE ITEM POST. REF DERIT CREDIT BALANCE DEBIT CREDIT Account Accounts Payable Account No. 22 DATE ITEM POST. REF DEBIT BALANCE CREDIT DEBIT CREDIT 1 2 1 Account Common Stock Account No. 31 DUATE ITEM POST REF DEBIT BALANCE CREDIT DOBIT CREDIT 1 Accountt Dividends Account No. 13 DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CRENT 1 Account Tees Eamed Account No. 41 DATE ITEM POST, RDE DERIT CREDIT BALANCE DEBIT CREDIT 1 Ledger Shaded cells have feedback Account: Wages Expense Account No. 51 BALANCE DETE ITEM POST REF DEBIT CREDIT DEETT CREDIT 1 Account Rent Expense Account No. 1 DATE BALANCE ITEM POST RET CERIT CREDIT DEER CRENT 1 Account: Uuties Epense Account No. 54 DATE ITEM POST REF DOBIT CREDIT BALANCE DET CREDIT 1 Account Truck Expense Account No. 55 MATE ITEM POST REF DEBIT CREDIT BALANCE DET CREDIT Account Miscellaneous Expense Account No. 59 DATE ITEM POST, REE DEBIT CREDIT BALANCE DET CREDIT 1 Unadjusted Trial Balance UNADJUSTED TRIAL BALANCE November 30, 2049 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Insurance 5 Equipment 6 Truck 7 Notes Payable 8 Accounts Payable 9 Common Stock 10 Retained Earnings 11 Dividends 12 Fees Earned 13 Wages Expense 14 Rent Expense 15 Utilities Expense 16 Truck Expense 17 Miscellaneous Expense SH 18 Totals Final Question S 4. Determine the excess of revenues over expenses for November $ s Points: 071 Feedback 8 Check My Work Calculate Revenues - Expenses = Net Income. 9 5. Can you think of any reason why the amount determined in (4) might not be the net income for November? 10 Because necessary adjustment to expenses, like depreciation has not been made. 111 121 O Because the cash balance is incorrect. 15 Because the closing inventory balance is missing. 14 O Because the dividends are declared but not paid. 151 16 Points: 0/1 17 18