On october 1, 2018, jay pryor established an interior decorating business, pioneer designs. during the month, jay completed the following transactions related to the business: oct. 1 jay transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $32,800.4 paid rent for period of october 4 to end of month, $3,180.10 purchased a used truck for $27,000, paying $3,000 cash and giving a note payable for the remainder.13 purchased equipment on account, $12,790.14 purchased supplies for cash, $2,200.15 paid annual premiums on property and casualty insurance, $4,920.15 received cash for job completed, $13,780.enter the following transactions on page 2 of the two-column journal: 21 paid creditor a portion of the amount owed for equipment purchased on october 13, $4,560.24 recorded jobs completed on account and sent invoices to customers, $15,680.26 received an invoice for truck expenses, to be paid in november, $1,440.27 paid utilities expense, $1,640.27 paid miscellaneous expenses, $590.29 received cash from customers on account, $6,560.30 paid wages of employees, $4,360.31 paid dividends, $3,640.required: 1. journalize and insert the posting references for 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. for a compound transaction, if an amount box does not require an entry, leave it blank.11 cash 31 common stock12 accounts receivable 33 dividends13 supplies 41 fees earned14 prepaid insurance 51 wages expense16 equipment 53 rent expense18 truck 54 utilities expense21 notes payable 55 truck expense22 accounts payable 59 miscellaneous expensegeneral journal page 1date description post. ref. debit credit2018 oct. 1 oct. 4 oct. 10 oct. 13 oct. 14 oct. 15 oct. 15 general journal page 2date description post. ref. debit credit2018 oct. 21 oct. 24 oct. 26 oct. 27 oct. 27 oct. 29 oct. 30 oct. 31 2. post (in chronological order) the journal to a ledger of four-column accounts, inserting appropriate posting references in the general journal as each item is posted. extend the balances to the appropriate balance columns after each transaction is posted. if an amount box does not require an entry, leave it blank. general ledgeraccount cash account no. 11balancedate item post. ref. debit credit debit credit2018 oct. 1 1 oct. 4 1 oct. 10 1 oct. 14 1 oct. 15 1 oct. 15 1 oct. 21 2 oct. 27 2 oct. 27 2 oct. 29 2 oct. 30 2 oct. 31 2 account accounts receivable account no. 12balancedate item post. ref. debit credit debit credit2018 oct. 24 2 oct. 29 2 account supplies account no. 13balancedate item post. ref. debit credit debit credit2018 oct. 14 1 account prepaid insurance account no. 14balancedate item post. ref. debit credit debit credit2018 oct. 15 1 account equipment account no. 16balancedate item post. ref. debit credit debit credit2018 oct. 13 1 account truck account no. 18balancedate item post. ref. debit credit debit credit2018 oct. 10 1 account notes payable account no. 21balancedate item post. ref. debit credit debit credit2018 oct. 10 1 account accounts payable account no. 22balancedate item post. ref. debit credit debit credit2018 oct. 13 1 oct. 21 2 oct. 26 2 account common stock account no. 31balancedate item post. ref. debit credit debit credit2018 oct. 1 1 account dividends account no. 33balancedate item post. ref. debit credit debit credit2018 oct. 31 2 account fees earned account no. 41balancedate item post. ref. debit credit debit credit2018 oct. 15 1 oct. 24 2 account wages expense account no. 51balancedate item post. ref. debit credit debit credit2018 oct. 30 2 account rent expense account no. 53balancedate item post. ref. debit credit debit credit2018 oct. 4 1 account utilities expense account no. 54balancedate item post. ref. debit credit debit credit2018 oct. 27 2 account truck expense account no. 55balancedate item post. ref. debit credit debit credit2018 oct. 26 2 account miscellaneous expense account no. 59balancedate item post. ref. debit credit debit credit2018 oct. 27 2 3. prepare an unadjusted trial balance for intrex designs as of october 31, 2018. list all accounts in the order of assets, liabilities, stockholders’ equity, revenues, and expenses. for those boxes in which no entry is required, leave the box blank. the first two account titles are filled in as an example. pioneer designsunadjusted trial balanceoctober 31, 2018debit balances credit balancescash accounts receivable totals 4. determine the excess of revenues over expenses for october.$5. why the amount determined in above might not be the net income for october? because the dividends are declared but not paidbecause the cash balance is incorrect. because the closing inventory balance is missingbecause necessary adjustment to expenses, like depreciation has not been made.