Lennon Industries had the following transactions. 1. Borrowed $5,000 from the bank by signing a note. 2.

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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.

Related Book For answer-question

Fundamental accounting principle

ISBN: 978-0078025587

21st edition

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

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Posted Date: Aug 29, 2022 09:35 AM

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Lennon Industries had the following transactions. 1. Borrowed $5,000 from the bank by signing a note. 2.

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Fundamental accounting principle

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