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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a 1 Increase the asset Cash increase the liability Notes Paya...View the full answer
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Related Book For
Financial accounting
ISBN: 978-1118285909
IFRS Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
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