Question

The following are six journal entries Kane Engineering, Inc., made during the month of April.
Apr 1 Paid advertising expense, $575.
3 Paid $6,000 cash to purchase a new piece of equipment.
5 Issued common stock in exchange for $10,000 cash.
9 Borrowed $9,000 on a note payable from the bank.
12 Paid monthly telephone bill, $350.
17 Purchased supplies for $200, paid cash.

Requirement
1. For each transaction shown, determine the accounts affected, the type of account, whether the account increases or decreases, and whether it would be recorded in the journal on the debit or credit side. The first transaction has been analyzed foryou.


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  • CreatedApril 29, 2014
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