08 Oct Prepare am unadjusted wial balance for Heritage Designs as of November 30, 20Y9.
Principles of Accounting 1
Please complete this assignment and upload it for grading.
PR 2-34 Joumal entries and trial balance Obj. 1, 2,3, 4
‘On Nowember 1, 20W9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi complcted the following transactions related to the business:
Now. 1. Lexi transferred cash from a personal bank account to an account to be used for the business im exchange for Common stock, $50,000.
1 Paid rent for period of November 1 toend of month, $4,000.
6 Purchased office equipment on account, $15,000.
8. Purchased a truck for $38,500 paying $5,000 cash and giving a note payable for the remainder,
10. Purchased supplies for cash, $1,750.
12. Received cash for job completed, $11,500.
15. Paid annual preméums on property and casualty insurance. $2,400.
23. Recorded jobs completed on account and sent invoices to customers, $22,300.
24.Received an invoice for truck expenses, to be paid im November, $1.250.
Enter the following transactions on Page 2 of the neo column journals:
29.Paid utilities expense. 54.500.
29.Paid miscellaneous expenses, $1,000.
30.Received cash from customers on account, $9,000.
30.Paid wages of employees, $6,800.
30.Paid creditor a portion of the ammount owed for equipment purchased on November 6, $3,000.
30.Paid dividends, $2,500.
Instructions
1. Journalize cach transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts im selecting the accounts to be debited and credited. (Do not insert theaccount numbers in the journal at this time.) Explanations may be omitted.
11 (Cash 31 Common Stock
12 Accounts Receivable 33 Dividends
13 Supplies 41 Fees Earned
14 Prepaid Insurance ‘ 51 Wages Expense
16 Equipment 53 Rent Expense
18 Truck S 54 Utilities Expense
21 Notes Payable 55 Truck Expense
22 Accounts Payable 59 Miscellaneous Expense
Post the journal to a ledger of four-column accounts, insening appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted.
Prepare am unadjusted wial balance for Heritage Designs as of November 30, 20Y9.
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