Four transactions for Farmers Market and Repair Shop that took place in November 2016 appear below, along
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INSTRUCTIONS
Record the transactions in the general journal and post them to the appropriate ledger accounts. Be sure to number the journal page 1 and to write the year at the top of the Date column.
DATE TRANSACTIONS
Nov. 1 Dennis Ortiz invested $55,000 in cash plus tools with a fair market value of $2,000 to start the business.
2 Purchased equipment for $2,050 and supplies for $550 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 Hazel Sneed for $2,900, 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.
Analyze: What liabilities does the business owe as of November30?
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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