50.1K

Verified Solution

Link Copied!

Account No. 12 Account No. is Account No. 14 General Ledger Shaded cells have feedback. Account: Equipment \begin{tabular}{|r|r|r|r|} \hline \multicolumn{1}{|c|}{ DATE } & ITEM & POST. REF. \\ \hline 1 & Nov. 6V & \\ \hline \end{tabular} Account: Truck DATE Nov. 8 Account: Notes Payable Account: Accounts Payable \begin{tabular}{|l|||c|c|} \hline & DATE & POST. REF. \\ \hline 1 & ITEM & \\ \hline 2 & Nov. 62 & \\ \hline 3 & Nov. 242 & \\ \hline Nov. 302 & \\ \hline \end{tabular} Account: Common Stock Account No. 16 BALANCE DEBIT Account No. 18 BALANCE DEBIT Account No. 21 BALANCE DEBIT Account No. 22 BALANCE DEBIT Account No. 31 General Journal Shaded cells have feedback. Unadjusted Trial Balance mow uoes siaum's work: Unadjusted Trial Balance Chart of Accounts CHART OF ACCOUNTS Heritage Designs General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck LIABILITIES 21 Notes Payable 22 Accounts Payable REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense EQUITY 31 Common Stock 33 Dividends 4. Determine the excess of revenues 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? Because the closing inventory balance is missing. Because the cash balance is incorrect. Because the dividends are declared but not paid. Because necessary adjustment to expenses, like depreciation has not been made. 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 each item posted. Extend the balances to the appropriate balance columns after each transaction is posted. GeneralLedgerInstructions How does grading work? LEDGER Score: 105/376 Instructions 24 Received an invoice for truck expenses, to be paid in November, $1,390. Enter the following transactions on Page 2 of the two-column journal: 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 until you have posted the entry to the general ledger in part 2.) On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the business: Nov. 1 Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $27,700. 1 Paid rent for period of November 1 to end of month, $3,100. 6 Purchased office equipment on account, $12,760. 8 Purchased a truck for $30,700 paying $6,300 cash and giving a note payable for the remainder. 10 Purchased supplies for cash, $1,880. 12 Received cash for job completed, $9,000. 15 Paid annual premiums on property and casualty insurance, $2,500. 23 Recorded jobs completed on account and sent invoices to customers, $12,440. 24 Received an invoice for truck expenses, to be paid in November, $1,390. Enter the following transactions on Page 2 of the two-column journal: Account: Common Stock \begin{tabular}{|r|r|r|r|} \hline & DATE & POST. REF. \\ \hline 1 & ITEM & \\ \hline Nov. 1 & & \\ \hline \end{tabular} Account: Dividends \begin{tabular}{|l|l|l|l|} \hline & DATE & PTEM & POST. REF. \\ \hline 1 & Nov. 30 & \\ \hline \end{tabular} Account: Fees Earned \begin{tabular}{|l|l|l|l|} \hline & DATE & POST. REF. \\ \hline 1 & Nov. 12 & \\ \hline 2 & Nov. 23 & \\ \hline \end{tabular} Account: Wages Expense Account: Rent Expense Account No. 31 BALANCE CREDIT Account No. 33 Account No. 41 BALANCE DEBIT CREDIT Account No. 51 BALANCE DEBIT CREDIT Account No. 53 BALANCE DFRIT CRFDIT General Ledger Shaded cells have feedback. \begin{tabular}{|r|r|r|} \hline \multicolumn{1}{|c|}{ DATE } & ITEM & POST. REF. \\ \hline 1 & Nov. 1 & \\ \hline \end{tabular} Account: Utilities Expense Account No. 54 \begin{tabular}{|l|l|l|l|} \hline & DATE & ITEM & POST. REF. \\ \hline 1 & Nov. 29 & \\ \hline \end{tabular} \begin{tabular}{|l|} \hline DEBIT \\ \hline \\ \hline \end{tabular} \begin{tabular}{|l|} \hline CREDIT \\ \hline \end{tabular} Account: Truck Expense Account No. 55 \begin{tabular}{|l|l|l|l|} \hline & DATE & ITEM & POST. REF. \\ \hline 1 & Nov. 24 & \\ \hline \end{tabular} Account: Miscellaneous Expense Account No. 59 Points: 34.63/124 Feedback

Answer & Explanation Solved by verified expert

See Answer