Question
4 The Paul's Services INC engaged the following transactions during the month of November 2016. Nov 01: Kashif deposited $120,000 cash in bank account in
4 The Paul's Services INC engaged the following transactions during the month of November 2016.
Nov 01: Kashif deposited $120,000 cash in bank account in the name of business.
Nov 03: Paid office rent for the month of November $500.
Nov 06: Purchases office supplies $250
Nov 12: Purchase business car for $25,000, Paid 10000 cash and issue a note for the balance.
Nov 21: Owner Withdraw $5000 cash.
Nov 23:Billed customers $30000 for services rendered during the month.
Nov 25: Paid salaries advance for the month of December $1000
Nov 28: Paid utility bills for the month of November $180
Nov 29: Received $24000 cash for clients billed on November 21.
Nov 30: Paid salary for the months of November $7500.
Requirements:
a)Record the above transitions in a in a general journal.
b)Post each entry to the appropriate ledger account.
c)Make a trail balance.
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