Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2018

Authors: Jeanette Landin, Paulette Schirmer

4th edition

1260005127, 1259742514, 1260005165, 126000516X, 978-1259742514

More Books

Students also viewed these Accounting questions

Question

Self-confidence

Answered: 1 week ago

Question

The number of people commenting on the statement

Answered: 1 week ago