Barnes 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 $3,100 cash for a computer.
3. Purchased $850 of supplies on account.
Instructions
(a) Indicate what accounts are increased and decreased by each transaction.
(b) Journalize each transaction. (Omit explanations.)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
a 1 Increase the asset Cash increase the liability Notes Paya...View the full answer
Answered By
Evans Cherono
I am an Information Technology Graduate and willing to work on any computer science or IT work to ensure I do my best all the time.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
A company borrowed cash from the bank by signing a 5-year, 8% installment note. The present value of an annuity factor at 8% for 5 years is 3.9927. Each annual payment equals $75,000. The present...
-
A company borrowed cash from the bank by signing a 3-year, 6% installment note. The present value of an annuity factor at 6% for 3 years is 2.6730. The present value of a single sum at 6% for 3 years...
-
NOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: Apr. Borrowed $5,000 from Builder's Bank, signing a 90-day, 8% note. 5 Gave a $2,000, 60-day, 7% note to Breaker...
-
A company had average total assets of $500,000, gross sales of $575,000, and net sales of $550,000. The companys total asset turnover is a. 1.15. b. 1.10. c. 0.91. d. 0.87. e. 1.05.
-
Describe the differences between principal-agent conflicts and principal-principal conflicts.
-
A loan officer compares the interest rates for 48-month fixed rate auto loans and 48-month variable interest rate auto loans. Two, independent, random samples for fixed and variable auto loan rates...
-
Suppose that \(x_{i}\) only takes on the values 0 and 1. Out of the \(n\) observations, \(n_{1}\) take on the value \(x=0\). The \(n_{1}\) observations have an average \(y\) value of \(\bar{y}_{1}\)....
-
Why might one group of investors prefer the corporate form, whereas another group of investors prefers the partnership form?
-
Explain how gross domestic product is calculated using the income approach and the expenditure approach. Compare the classical economic theory that was used prior to the Great Depression to the...
-
The printout of the Revenues and Appropriations subsidiary ledger accounts for the General Fund of the City of Augusta for the first quarter of the fiscal year appeared as follows: Required Assuming...
-
Transaction data for Aromashodu Real Estate Agency are presented in E2-4. Instructions Journalize the transactions. (You may omit explanations.)
-
Beekman Enterprises had the following selected transactions. 1. Jo Beekman invested $4,000 cash in the business. 2. Paid office rent of $950. 3. Performed consulting services and billed a client...
-
Repeat Exercise 4 using the Midpoint rule and the results of Exercise 10. In Exercise 2 0,25 (cos x)2 dx -0.25 .0 x In(x 1) dx -0.5 ((sin x) 2xsn) dx 0.7S dx xInx
-
The sum of Liabilities and Capital is _ _ _ _ _ _ _ _ _ _ . ( ( a ) ) Expense ( ( b ) ) Income ( ( c ) ) Drawings ( ( d ) ) Assets
-
Design a 16k*8 memory map using the following memory units in the given order. The data bus is 8 bits and the address bus is 16 bits. 1. Two 2k*8 One 4k*8 One 8k*8 2. Draw the memory map. Make sure...
-
Sameta Company was established in 2007 to give subsided services to Nairobians in water provision. The company is characterized by the following features: 1. Has 300 employees 2. Engages in expansion...
-
Gross Book Value of a fixed assets is its cost less depreciation Historical cost fair market value More than one of the above None of the above
-
Treloar Ltd has 1 0 employees, who are each paid $ 7 5 0 per week for a 5 day working week. Each employee is entitled to 8 days accumulating non - vesting sick leave per year. At 1 July 2 0 1 9 the...
-
Which of the following best describes the term honeypot? A. A server that is deliberately set up in an unsecure manner to attract attackers B. A server that contains extremely sensitive data C. A...
-
As water moves through the hydrologic cycle, water quality changes are common because of natural phenomena or anthropogenic pollution. Using Figure 11.1, describe how water-quality changes occur...
-
Read Eye on Climate Change on pp. 254255 and then describe the government actions that could decrease carbon emissions. Explain why the government is not taking these actions more aggressively. EYE...
-
Villa Company reported net income of $195,000 for 2010.Villa also reported depreciation expense of $45,000 and a loss of $5,000 on the sale of equipment. The comparative balance sheet shows a...
-
The current sections of Bellinham Inc.s balance sheets at December 31, 2009 and 2010, are presented here. Bellinhams net income for 2010 was $153,000. Depreciation expense was $24,000. Instructions...
-
The three accounts shown below appear in the general ledger of Cesar Corp. during 2010. InstructionsFrom the postings in the accounts, indicate how the information is reported on a statement of cash...
-
What is the worst case running time of the following sudo codes, in 0- notation? Suppose that all arithmetic operations (including simple multiplication) take a constant amount of time. Justify your...
-
4. Let G be a pseudorandom generator with expansion factor (n) > 2n. In each of the following cases, say whether G' is necessarily a pseudorandom generator and explain why or why not. Here, "||...
-
Write the code for the del () method in the following doubly linked list class public class ObjDList { private Obj Node list; private Obj Node tail; public ObjDList() { list = null; tail = null; }...
Study smarter with the SolutionInn App