question archive Lesters’ Jewelry company completed these transactions during November of the current year: Nov

Lesters’ Jewelry company completed these transactions during November of the current year: Nov

Subject:FinancePrice:4.87 Bought7

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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