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, $50,000. 1 Paid rent for period of November 1 to end 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 premiums 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 in November, $1,250. Enter the following transactions on Page 2 of the two-column journal: Nov. 29 Paid utilities expense, $4,500. 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 amount owed for equipment purchased on November 6, $3,000. 30 Paid dividends, $2,500. how it do Journal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

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, $50,000.
	1	Paid rent for period of November 1 to end 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 premiums 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 in November, $1,250.

Enter the following transactions on Page 2 of the two-column journal:

Nov.	29	Paid utilities expense, $4,500.
	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 amount owed for equipment purchased on November 6, $3,000.
	30	Paid dividends, $2,500. how it do Journal

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions