Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Four transactions for Automotive Maintenance and Repair Shop that took place in November 20X1 appear below. DATE TRANSACTION Nov. 1 Ryan O'Malley invested $62,000 in

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Four transactions for Automotive Maintenance and Repair Shop that took place in November 20X1 appear below. DATE TRANSACTION Nov. 1 Ryan O'Malley invested $62,000 in cash plus tools with a fair market value of $2,700 to start the business. 2 Purchased equipment for $1,880 and supplies for $380 from Office Depot, Invoice 501; issued Check 100 for $530 as a down payment with the balance due in 30 days. 10 Performed services for Patricia Reed for $3,600, who paid $1,350 in cash with the balance due in 30 days. 20 Purchased machinery for $4,700 from Craft Machinery, Inc., Invoice 709; issued Check 101 for $1,850 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 the tabs below. General Ledger Journal Analyze Accounts Record the above transactions in the general Journal View transaction list Journal entry worksheet General Journal Ledger Accounts Analyze Record the above transactions in the general journal. View transaction list Journal entry worksheet 5 Ryan O'Malley invested $62,000 in cash plus tools with a fair market value of $2,700 to start the business. Note: Enter debits before credits General Journal Debit Credit Date Nov 01, 20X1 Record entry Clear entry View general journal General Journal Ledger Accounts Analyze Record the above transactions in the general ledger accounts. Cash Account No. 101 Credit Balance Accounts Receivablo Date Debit Account No. 111 Credit Balance Date Debit Tools Office Supplies Date Debit Account No. 121 Credit Balance Account No. 131 Credit Balance Dato Dobit Machinery Date Account No. 141 Credit Balance Equipment Dato Account No. 151 Credit Balance Debit Debit Accounts Payable Dato Debit Account No. 202 Credit Balance Ryan O'Malley, Capital Dato Debit Account No. 301 Credit Balance Tools Account No. 131 Credit Balance Account No. 121 Credit Balance Office Supplies Date Debit Debit Date Account No. 151 Credit Balance Equipment Dato Account No. 141 Credit Balance Debit Machinery Date Debit Ryan O'Malley, Capital Date Debit Account No. 202 Credit Balance Account No. 301 Credit Balance Accounts Payable Date Debit Fees Income Dato Debit Account No. 401 Credit Balance Analyze > (General Journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 7 - Cash Versus Accrual

Authors: Kate Mooney

1st Edition

0071719296, 9780071719292

More Books

Students also viewed these Accounting questions

Question

Explain all drawbacks of application procedure.

Answered: 1 week ago

Question

What are the steps that the EEOC uses once a charge is filed?

Answered: 1 week ago

Question

What would you do?

Answered: 1 week ago