Konerko Industries had the following transactions. 1. Borrowed $5,000 from the bank by signing a note. 2.
Question:
1. Borrowed $5,000 from the bank by signing a note.
2. Paid $2,500 cash for a computer.
3. Purchased $700 of supplies on account.
Instructions
(a) Indicate what accounts are increased and decreased by each transaction.
(b) Journalize each transaction. (Omit explanations.)
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a 1 Increase the asset Cash increase the liability Notes Pay...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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