Lennon Industries had the following transactions. 1. Borrowed $5,000 from the bank by signing a note. 2.
Question:
Lennon Industries had the following transactions.
1. Borrowed $5,000 from the bank by signing a note.
2. Paid $3,900 cash for a computer.
3. Purchased $650 of supplies on account.
Instructions
a. Indicate what accounts are increased and decreased by each transaction.
b. Journalize each transaction.
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Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
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Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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