On November 1, 2016, Patty Cosgrove established an interiordecorating business, Classic Designs. During the month, Pattycompleted the following transactions related to the business: Nov.1 Patty transferred cash from a personal bank account to an accountto be used for the business in exchange for common stock, $26,000.1 Paid rent for period of November 1 to end of month, $3,800. 6Purchased office equipment on account, $12,710. 8 Purchased a truckfor $30,400 paying $6,100 cash and giving a note payable for theremainder. 10 Purchased supplies for cash, $1,920. 12 Received cashfor job completed, $8,300. 15 Paid annual premiums on property andcasualty insurance, $2,200. 23 Recorded jobs completed on accountand sent invoices to customers, $12,220. 24 Received an invoice fortruck expenses, to be paid in November, $1,010. Enter the followingtransactions on Page 2 of the two-column journal: Nov. 29 Paidutilities expense, $3,510. 29 Paid miscellaneous expenses, $1,650.30 Received cash from customers on account, $7,300. 30 Paid wagesof employees, $4,550. 30 Paid creditor a portion of the amount owedfor equipment purchased on November 6, $6,200. 30 Paid dividends,$2,400. Journal entries, Ledger, UNADJUSTED TRIAL BALANCE, andDetermine the excess of revenues over expenses for November
On November 1, 2016, Patty Cosgrove established an interiordecorating business, Classic Designs. During the month, Pattycompleted the following transactions related to the business: Nov.1 Patty transferred cash from a personal bank account to an accountto be used for the business in exchange for common stock, $26,000.1 Paid rent for period of November 1 to end of month, $3,800. 6Purchased office equipment on account, $12,710. 8 Purchased a truckfor $30,400 paying $6,100 cash and giving a note payable for theremainder. 10 Purchased supplies for cash, $1,920. 12 Received cashfor job completed, $8,300. 15 Paid annual premiums on property andcasualty insurance, $2,200. 23 Recorded jobs completed on accountand sent invoices to customers, $12,220. 24 Received an invoice fortruck expenses, to be paid in November, $1,010. Enter the followingtransactions on Page 2 of the two-column journal: Nov. 29 Paidutilities expense, $3,510. 29 Paid miscellaneous expenses, $1,650.30 Received cash from customers on account, $7,300. 30 Paid wagesof employees, $4,550. 30 Paid creditor a portion of the amount owedfor equipment purchased on November 6, $6,200. 30 Paid dividends,$2,400. Journal entries, Ledger, UNADJUSTED TRIAL BALANCE, andDetermine the excess of revenues over expenses for November
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On November 1, 2016, Patty Cosgrove established an interiordecorating business, Classic Designs. During the month, Pattycompleted the following transactions related to the business:
| Nov. | 1 | Patty transferred cash from apersonal bank account to an account to be used for the business inexchange for common stock, $26,000. |
| 1 | Paid rent for period of November 1to end of month, $3,800. | |
| 6 | Purchased office equipment onaccount, $12,710. | |
| 8 | Purchased a truck for $30,400paying $6,100 cash and giving a note payable for theremainder. | |
| 10 | Purchased supplies for cash,$1,920. | |
| 12 | Received cash for job completed,$8,300. | |
| 15 | Paid annual premiums on propertyand casualty insurance, $2,200. | |
| 23 | Recorded jobs completed on accountand sent invoices to customers, $12,220. | |
| 24 | Received an invoice for truckexpenses, to be paid in November, $1,010. |
Enter the following transactions on Page 2 of the two-columnjournal:
| Nov. | 29 | Paid utilities expense,$3,510. |
| 29 | Paid miscellaneous expenses,$1,650. | |
| 30 | Received cash from customers onaccount, $7,300. | |
| 30 | Paid wages of employees,$4,550. | |
| 30 | Paid creditor a portion of theamount owed for equipment purchased on November 6, $6,200. | |
| 30 | Paid dividends, $2,400. |
| Required: | |
| 1. | Journalize each transaction ina two-column journal beginning on Page 1, referring to the chart ofaccounts in selecting the accounts to be debited and credited. (Donot insert the post reference numbers until you have posted theentry to the general ledger in part 2.) Refer to the Chart ofAccounts for exact wording of account titles. |
| 2. | Post (in chronological order)the journal to a ledger of four-column accounts, insertingappropriate posting references in both the journal and the ledgeras each item is posted. Extend the balances to the appropriatebalance columns after each transaction is posted. |
| 3. | Prepare an unadjusted trialbalance for Classic Designs as of November 30, 2016. |
| 4. | Determine the excess ofrevenues over expenses for November. |
| 5. | Can you think of any reason whythe amount determined in (4) might not be the net income forNovember? I NEED HELP WITH THE JOURNAL...LEDGER....Unadjusted trailbalance...4. Determine the excess ofrevenues over expenses forNovember. |
On November 1, 2016, Patty Cosgrove established an interiordecorating business, Classic Designs. During the month, Pattycompleted the following transactions related to the business:
| Nov. | 1 | Patty transferred cash from apersonal bank account to an account to be used for the business inexchange for common stock, $26,000. |
| 1 | Paid rent for period of November 1to end of month, $3,800. | |
| 6 | Purchased office equipment onaccount, $12,710. | |
| 8 | Purchased a truck for $30,400paying $6,100 cash and giving a note payable for theremainder. | |
| 10 | Purchased supplies for cash,$1,920. | |
| 12 | Received cash for job completed,$8,300. | |
| 15 | Paid annual premiums on propertyand casualty insurance, $2,200. | |
| 23 | Recorded jobs completed on accountand sent invoices to customers, $12,220. | |
| 24 | Received an invoice for truckexpenses, to be paid in November, $1,010. |
Enter the following transactions on Page 2 of the two-columnjournal:
| Nov. | 29 | Paid utilities expense,$3,510. |
| 29 | Paid miscellaneous expenses,$1,650. | |
| 30 | Received cash from customers onaccount, $7,300. | |
| 30 | Paid wages of employees,$4,550. | |
| 30 | Paid creditor a portion of theamount owed for equipment purchased on November 6, $6,200. | |
| 30 | Paid dividends, $2,400. |
| Required: | |
| 1. | Journalize each transaction ina two-column journal beginning on Page 1, referring to the chart ofaccounts in selecting the accounts to be debited and credited. (Donot insert the post reference numbers until you have posted theentry to the general ledger in part 2.) Refer to the Chart ofAccounts for exact wording of account titles. |
| 2. | Post (in chronological order)the journal to a ledger of four-column accounts, insertingappropriate posting references in both the journal and the ledgeras each item is posted. Extend the balances to the appropriatebalance columns after each transaction is posted. |
| 3. | Prepare an unadjusted trialbalance for Classic Designs as of November 30, 2016. |
| 4. | Determine the excess ofrevenues over expenses for November. |
| 5. | Can you think of any reason whythe amount determined in (4) might not be the net income forNovember? |
