Exercise I: Ghassan officially started his business of Automotive repair on November 1, 2001. On that date, he deposited 80,000 $ in his company bank account. On Nov 3, he purchased a land for 52,000 $, paying cash. On Nov 5, he purchased a building for 36,000 $, paying 6,000 $ cash and issuing a note payable for the remaining 30,000 $. On Nov 17, purchased tools and equipment on account, 13,800 $. On Nov 20, sold some of the tools at a price equal to their cost, 1,800$, collectible within 45 days. On Nov 25, received 600 $ in partial collection of the account receivable from the sale of tools. On Nov 26, paid 6,800 $ in partial payment of an account payable. On Nov 30, recorded 2,200 $ of sales revenue received in cash. On Nov 30, paid 1,400 $ of operating expenses in cash-200 $ for utilities, and 1,200 S for wages.