Four transactions for Automotive Maintenance and Repair Shop that took place in November $20$X$1$ appear below.

DATE TRANSACTION

November $1$ Ryan O$$Malley invested $$65,000$ in cash plus tools with a fair market value of $$3,000$ to start the business.

November $2$ Purchased equipment for $$1,850$ and supplies for $$350$ from Automotive Maintenance and Repair Shop, Invoice $501$; issued Check $100$ for $$500$ as a down payment with the balance due in $30$ days.

November $10$ Performed services for Patricia Reed for $$3,900,$ who paid $$1,500$ in cash with the balance due in $30$ days.

November $20$ Purchased machinery for $$5,000$ from Carter Equipment Company, Invoice $709$; issued Check $101$ for $$2,000$ 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 $30?$