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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 Nov. 1 6 8 10 12 15 23 24 Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $27,200. Paid rent for period of November 1 to end of month, $4,000. Purchased office equipment on account, $12,820. Purchased a truck for $30,800 paying $6,900 cash and giving a note payable for the remainder. Purchased supplies for cash, $1,650. Received cash for job completed, $8,000. Paid annual premiums on property and casualty insurance, $2,300. Recorded jobs completed on account and sent invoices to customers, $12,000. Received an invoice for truck expenses, to be paid in November, $1,190. Enter the following transactions on Page 2 of the two-column journal: 29 Paid utilities expense, $3,560. 29 Paid miscellaneous expenses, $1,800.

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 Nov. 1 6 8 10 12 15 23 24 Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $27,200. Paid rent for period of November 1 to end of month, $4,000. Purchased office equipment on account, $12,820. Purchased a truck for $30,800 paying $6,900 cash and giving a note payable for the remainder. Purchased supplies for cash, $1,650. Received cash for job completed, $8,000. Paid annual premiums on property and casualty insurance, $2,300. Recorded jobs completed on account and sent invoices to customers, $12,000. Received an invoice for truck expenses, to be paid in November, $1,190. Enter the following transactions on Page 2 of the two-column journal: 29 Paid utilities expense, $3,560. 29 Paid miscellaneous expenses, $1,800.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...
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LEDGER
 
Account: Cash11Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
2
 
 
 
 
 
 
 
3
 
 
 
 
 
 
 
4
 
 
 
 
 
 
 
5
 
 
 
 
 
 
 
6
 
 
 
 
 
 
 
7
 
 
 
 
 
 
 
8
 
 
 
 
 
 
 
9
 
 
 
 
 
 
 
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11
 
 
 
 
 
 
 
12
 
 
 
 
 
 
 
 
 
 
Account: Accounts Receivable12Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
2
 
 
 
 
 
 
 
 
 
 
Account: Supplies13Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
 
 
 
Account: Prepaid Insurance14Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
 
 
 
Account: Equipment16Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
 
 
 
Account: Truck18Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
 
 
 
Account: Notes Payable21Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
 
 
 
Account: Accounts Payable22Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
2
 
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
 
 
Account: Common Stock31Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
 
 
 
Account: Dividends33Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
 
 
 
Account: Fees Earned41Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
2
 
 
 
 
 
 
 
 
 
 
Account: Wages Expense51Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
 
 
 
Account: Rent Expense53Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
 
 
 
Account: Utilities Expense54Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
 
 
 
Account: Truck Expense55Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
 
 
 
Account: Miscellaneous Expense59Account No.
 
  DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
1
 
 
 
 
 
 
 
 
 
23 Recorded jobs completed on account and sent invoices to customers, $12,000. 24 Received an invoice for truck expenses, to be paid in November, $1,190. Enter the following transactions on Page 2 of the two-column journal: Nov. 29 29 30 30 30 30 Paid utilities expense, $3,560. Paid miscellaneous expenses, $1,800. Received cash from customers on account, $7,500. Paid wages of employees, $4,750. Paid creditor a portion of the amount owed for equipment purchased on November 6, $6,230. Paid dividends, $2,000.
Transcribed Image Text:23 Recorded jobs completed on account and sent invoices to customers, $12,000. 24 Received an invoice for truck expenses, to be paid in November, $1,190. Enter the following transactions on Page 2 of the two-column journal: Nov. 29 29 30 30 30 30 Paid utilities expense, $3,560. Paid miscellaneous expenses, $1,800. Received cash from customers on account, $7,500. Paid wages of employees, $4,750. Paid creditor a portion of the amount owed for equipment purchased on November 6, $6,230. Paid dividends, $2,000.
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, $27,200. Paid rent for period of November 1 to end of month, $4,000. Purchased office equipment on account, $12,820. 8 Purchased a truck for $30,800 paying $6,900 cash and giving a note payable for the remainder. Purchased supplies for cash, $1,650. Received cash for job completed, $8,000. Paid annual premiums on property and casualty insurance, $2,300. Recorded jobs completed on account and sent invoices to customers, $12,000. Received an invoice for truck expenses, to be paid in November, $1,190. Nov. 1 6 10 12 15 23 24 Enter the following transactions on Page 2 of the two-column journal: 29 29 Paid utilities expense, $3,560. Paid miscellaneous expenses, $1,800.
Transcribed Image Text: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, $27,200. Paid rent for period of November 1 to end of month, $4,000. Purchased office equipment on account, $12,820. 8 Purchased a truck for $30,800 paying $6,900 cash and giving a note payable for the remainder. Purchased supplies for cash, $1,650. Received cash for job completed, $8,000. Paid annual premiums on property and casualty insurance, $2,300. Recorded jobs completed on account and sent invoices to customers, $12,000. Received an invoice for truck expenses, to be paid in November, $1,190. Nov. 1 6 10 12 15 23 24 Enter the following transactions on Page 2 of the two-column journal: 29 29 Paid utilities expense, $3,560. Paid miscellaneous expenses, $1,800.
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