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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? On November 1, 2018. Kris Lehman established an interior decorating business, Modern Designs. During the month, Kris completed the following transactions related to the business Nov. 1 Kris transferred cash from a personal bank account to an account to be used for the business in exchange for common stock $27 200. 1 Paid rent for period of November 1 to end of month, $4,000 6 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 10 Purchased supplies for cash, $1,650. 12 Received cash for job completed, $8,000. Paid annual premiums on property and casualty insurance, $2,300. 15 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 Paid utilities expense. $3,560 Paid miscellaneous expenses, $1,800 29 30 Received cash from customers on account, $7,500. 30 Paid wages of employees, $4,750. 30 Paid creditor a portion of the amount owed for equipment purchased on November 6, $6,230. 30 Paid dividends, $2,000. Required

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