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:

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.

1.Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted.

Answer 1

1 PREPRATION OF JOURNAL ENTRIS FOR LEXI MARTIN

2. PREPRATION OF GERNAL LEDGERS FOR LEXI MARTIN







3. TRAIL BALANCE