Lackawanna ACC105 2021 September Module 2 Assignment Latest

ACC105 Principles of Accounting 1

Module 2 Assignment

Please complete this assignment and upload it for grading.

PR 2-34 Joumal entries and trial balance Obj. 1, 2,3, 4

‘On Nowember 1, 20W9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi complcted the following transactions related to the business:

Now. 1. Lexi transferred cash from a personal bank account to an account to be used for the business im exchange for Common stock, $50,000.

1 Paid rent for period of November 1 toend 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 preméums 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 im November, $1.250.

Enter the following transactions on Page 2 of the neo column journals:

29.Paid utilities expense. 54.500.

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 ammount owed for equipment purchased on November 6, $3,000.

30.Paid dividends, $2,500.

Instructions

1. Journalize cach transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts im selecting the accounts to be debited and credited. (Do not insert theaccount numbers in the journal at this time.) Explanations may be omitted.

11 (Cash                                                               31 Common Stock

12 Accounts Receivable                                                 33 Dividends

13 Supplies                                                         41 Fees Earned

14 Prepaid Insurance ‘                                   51 Wages Expense

16 Equipment                                                    53 Rent Expense

18 Truck S                                                            54 Utilities Expense

21 Notes Payable                                             55 Truck Expense

22 Accounts Payable                                       59 Miscellaneous Expense

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

Prepare am unadjusted wial balance for Heritage Designs as of November 30, 20Y9.