Question

Instructions Chart of Accounts Journal Ledger Unadjusted Trial Balance Final Question Instructions On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the Nov. 1 Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $50,000 1 Paid rent for period of November 1 to end of month, $4,000. 6 Purchased office equipment on account, $15,000. Purchased a truck for $38,500 paying $5,000 cash and giving a note payable for the remainder. Purchased supplied for cash, $1,750. Received cash for job completed, $11,500 Paid annual premiums on property and casualty Insurance, $2,400 Recorded jobs completed on account and sent invoices to customers, $22,300. 8 10 12 15 23 Dennundan imuninn for trinn the neid in Mumhne ei

Answer 1

39 40 Debit Credit Assets Liabilities Equity 41 X Date Account title & Explanation 01-Nov Cash Common Stock (To record amount invested in business) 42 50000 X 43 50000 44 45 4000 X 46 01-Nov Rent expense Cash (to record rent paid) 4000 X 47 48 49 15000 X 06-Nov Equipment Accounts Payable (To record equipment purchased on account) 15000 50 51 X 52 53 38500 х х 54 08-Nov Truck Cash Notes Payable (To record purchase of Truck) 5000 33500 55 х 56 57 58 1750 х 59 10-Nov Supplies Cash (to recordpurchase of Supplies for cash) 1750 Х 60

62 11500 х 63 12-Nov Cash Fees earned (To record fees earned) 11500 X 64 65 66 2400 15-Nov Prepaid Insurance Cash (To record Insurance Premium) х X 67 2400 68 69 70 22300 х 71 23-Nov Accounts Receivable Fees earned (To record fees earned on account) 22300 X 72 73 74 1250 X 75 24-Nov Truck expense Accounts Payable (To record Truck expense) 1250 X 76 77 78 4500 X 79 29-Nov Utilities expense Cash (To record Utilities expense) 4500 X 80 81 82 1000 х 83 29-Nov Miscellaneous expense Cash (To record Miscellaneous expense) 1000 X 84

86 9000 X 29-Nov Cash Accounts Receivable (To record cash received) 9000 87 88 X 30-Nov Wages expense 6800 X 89 90 91 92 Cash 6800 X (To record Wages expense) 93 94 3000 х 30-Nov Accounts Payable Cash (To record amount paid to accounts payable) 3000 95 96 X 97 98 2500 х X 99 30-Nov Dividends Cash (To record Dividend paid) 2500 X 100 101 102 103 Note; As per HOMEWORKLIB POLICY we are allowed to answer first question if there are many parts and I have answered your firstpart with all the journal entries. 104