Konerko Industries had the following transactions. 1. Borrowed py $50,000 from the hunk by signing a note.

Question:

Konerko Industries had the following transactions.

1. Borrowed py $50,000 from the hunk by signing a note.

2. Paid py $cash (or a computer.

3. Purchased py $7,000 of supplies on account.

Instructions

(a) Indicate what accounts ale increased and decreased by each transaction.

(b) Journalize cash transaction. (Omit explanations)

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Financial accounting

ISBN: 978-1118285909

IFRS Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

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Question Posted: Mar 11, 2013 06:15 AM

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Konerko Industries had the following transactions. 1. Borrowed py $50,000 from the hunk by signing a note.

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a 1 Increase the asset Cash increase the liability Notes Paya...View the full answer

Financial accounting

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