Question
Four transactions for Airline Maintenance and Repair Shop that took place in November 20X1 appear below. DATE TRANSACTION Nov. 1 Edith Porras invested $75,000 in
Four transactions for Airline Maintenance and Repair Shop that took place in November 20X1 appear below.
DATE TRANSACTION
Nov. 1 Edith Porras invested $75,000 in cash plus tools with a fair market value of $15,000 to start the business. 2 Purchased equipment for $13,500 and supplies for $1,700 from Airline Equipment Company, Invoice 551; issued Check 100 for $5,500 as a down
payment with the balance due in 30 days. 10 Performed services for Worldwide Airlines for $33,200, which paid $15,800 in cash with the balance due in 30 days. 20 Purchased machinery for $8,000 from Craft Machinery, Inc., Invoice 779; 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?
Complete this question by entering your answers in a General Ledger Journal Accounts
Analyze Record the above transactions in the general journal.
Purchased machinery for $8,000 from Craft Machinery, Inc., Invoice 779; issued Check 101 for $1,500 in cash as a down payment with the balance due in 30 days.
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