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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, $36,000. |
| 1 | Paid rent for period of November 1 to end of month, $4,000. | |
| 6 | Purchased office equipment on account, $16,000. | |
| 8 | Purchased a truck for $43,000 paying $4,300 cash and giving a note payable for the remainder. | |
| 10 | Purchased supplies for cash, $1,860. | |
| 12 | Received cash for job completed, $8,000. | |
| 15 | Paid annual premiums on property and casualty insurance, $2,400. | |
| 23 | Recorded jobs completed on account and sent invoices to customers, $15,500. | |
| 24 | Received an invoice for truck expenses, to be paid in November, $1,250. |
| Nov. | 29 | Paid utilities expense, $3,660. |
| 29 | Paid miscellaneous expenses, $1,700. | |
| 30 | Received cash from customers on account, $10,500. | |
| 30 | Paid wages of employees, $4,750. | |
| 30 | Paid creditor a portion of the amount owed for equipment purchased on November 6, $4,000. | |
| 30 | Paid dividends, $1,600. |
Prepare an Income Statement, Retained earning statement, and a Balance Sheet.
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