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?

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 Receivable

Debit 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