Question
In: Accounting
Four transactions for Automotive Maintenance and Repair Shop that took place in November 2019 appear below....
Four transactions for Automotive Maintenance and Repair Shop
that took place in November 2019 appear below.
|
DATE |
TRANSACTION |
|
Nov. 1 |
Ryan O’Malley invested $60,000 in cash plus tools with a fair market value of $5,000 to start the business. |
|
2 |
Purchased equipment for $3,500 and supplies for $700 from Office Depot, Invoice 501; issued Check 100 for $700 as a down payment with the balance due in 30 days. |
|
10 |
Performed services for Patricia Reed for $3,200, who paid $1,000 in cash with the balance due in 30 days. |
|
20 |
Purchased machinery for $4,000 from Craft Machinery, Inc., Invoice 709; issued Check 101 for $1,500 in cash as a down payment with the balance due in 30 days. |
Record the transactions in the general journal and post them to the
appropriate ledger accounts.
Analyze:
What liabilities does the business owe as of November 30?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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0
Salaries paid to employees for
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134,000
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Advertising
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Amounts billed to customers for services rendered
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Cash collected from credit customers
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Cash disbursements:
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Salaries paid to employees for services rendered during the
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first two years of operations for the law firm of Pete, Pete, and
Roy.
Year 1
Year 2
Amounts billed to clients for
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$
184,000
$
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Cash collected from clients
167,000
197,000
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97,000
107,000
Utilities
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In addition, you learn that the company incurred utility costs of
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second and third years of operations for RPG Company. Year 2 Year 3
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