Business, 29.02.2020 00:21 keigleyhannah30

Four transactions for Automotive Maintenance and Repair Shop that took place in November 2019 appear below. DATE TRANSACTION Nov. 1 Ryan O’Malley invested $63,000 in cash plus tools with a fair market value of $2,800 to start the business. 2 Purchased equipment for $1,870 and supplies for $370 from Office Depot, Invoice 501; issued Check 100 for $520 as a down payment with the balance due in 30 days. 10 Performed services for Patricia Reed for $3,700, who paid $1,400 in cash with the balance due in 30 days. 20 Purchased machinery for $4,800 from Craft Machinery, Inc., Invoice 709; issued Check 101 for $1,900 in cash as a down payment with the balance due in 30 days. Record the transactions in the general journal and post them to the appropriate ledger accounts. Analyze: What liabilities does the business owe as of November 30?

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Answer from: evamattox

As of Nov 30 the business has a credit balance of Accounts Payable of

$ 4620.

Explanation:

S. No: DATE TRANSACTION DEBIT CREDIT

1 - Nov. 1 Cash $ 63,000

Tools $ 2800

Capital $ 65,800

Ryan O’Malley invested $63,000 in cash plus tools with a fair market value of $2,800 to start the business.

2- Nov 2 Equipment $1870

Supplies $370

Bank $520

Accounts Payable $ 1720

Purchased equipment for $1,870 and supplies for $370 from Office Depot, Invoice 501; issued Check 100 for $520 as a down payment with the balance due in 30 days.

3-- Nov 10 Cash $1400

Accounts Receivable $23,00

Services $3700

Performed services for Patricia Reed for $3,700, who paid $1,400 in cash with the balance due in 30 days.

4-- Nov 20 Machinery $ 4800

Cash (Bank) $1900

Accounts Payable $2900

Purchased machinery for $4,800 from Craft Machinery, Inc., Invoice 709; issued Check 101 for $1,900 in cash as a down payment with the balance due in 30 days.

Bank Debit Credit

2- $ 520

4- $ 1900

Bal $ 2420

Cash Accounts ReceivableDebit Credit Debit Credit

1- $63,000 3- $ 2300

3- $ 1400 4- $1900

Bal 62,500 Bal $2300

Equipment Supplies Debit Credit Debit Credit

2- $1870

2- $ 370

Bal $ 1870 Bal $370

Machinery Accounts Payable Debit Credit Debit Credit

4- $ 4800

2- $1720

4- $ 2900

Bal $ 4800 Bal $ 4620

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Four transactions for Automotive Maintenance and Repair Shop that took place in November 2019 appear...