Fulton Security Service provides ushers and security personnel for athletic events and other func- LO 4 Transaction

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Fulton Security Service provides ushers and security personnel for athletic events and other func-

LO 4 Transaction Analysis, LO 5 General Journal, Ledger LO 6 Accounts, and Trial LO 7 Balance tions. Here is Fulton's trial balance at the end of October:

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During November, Fulton engaged in the following transactions:
Nov. 1 Received cash from customers billed last month, 8,400.
3 Made a payment on accounts payable, 6,200 .
5 Purchased a new one-year insurance policy in advance, 7,200 .
7 Purchased supplies on credit, 860 .
8 Billed a client for security services, 4,400 .
10 Made a rent payment for November, 1,600 .

Nov. 11 Received cash from customers for security services, 3,200 .
12 Paid wages to the security staff, 2,800 .
14 Ordered equipment, 1,600 .
15 Paid the current month's electricity bill, 800 .
17 Received and paid for the equipment ordered on November \(14,1,600\).
19 Returned for full credit some of the supplies purchased on November 7 because they were defective, 240 .
21 Paid for the supplies purchased on November 7, less the return on November 19, 620.
23 Billed a customer for security services performed, 3,600 .
30 Paid wages to the security staff, 2,100 .
30 Declared and paid a dividend of 2,000 .
REQUIRED 1. Record these transactions in the general journal.
2. Open ledger accounts for the accounts shown in the trial balance. Enter the October 31 trial balance amounts in the ledger.
3. Post the journal entries to the ledger.
4. Prepare a trial balance as of November 30, 20xx

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Financial Accounting A Global Approach

ISBN: 9780395839867

1st Edition

Authors: Sidney J. Gray, Belverd E. Needles

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