Question: On November 1, 20Y9, Lexi Martin established
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: 
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.
Instructions:
1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Explanations may be omitted. 
2. 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.
3. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9.
4. Determine the excess of revenues over expenses for November.
5. Can you think of any reason why the amount determined in (4) might not be the net income for November?
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