Lesters Jewelry company completed these transactions during November of the current year: Nov. 1 Began...
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Lesters Jewelry company completed these transactions during November of the current year:
Nov. 1 Began a the business by investing $3,000 in cash and Precious stones with a $10,000 fair value.
Nov. 2 Purchased on credit office equipment, $1,500, and office supplies, $500.
Nov. 4 Completed a custom braclet for client and immediately received a payment of $1,200 cash.
Nov. 8 Nov. 9 Completed a necklace for a client and charged his account $3,400. Hired a new employee to begin work on Nov 20.
Nov. 10 Paid for the items purchased on credit on November 2.
Nov. 14 Paid the annual $1,200 premium on an insurance policy.
Nov. 18 Received payment in full from the client of November 8.
Nov. 23 Took out a bank loan of $20,000.
Nov. 27 Lester withdrew $250 cash from the business to pay Nov 29 personal expenses. Paid employees $800 for the months wages.
Nov. 30 Paid the November utility bills, $225.
Required: Prepare journal entries for the above transactions.
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