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

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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

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