Minsk Industries OAO had the following transactions. 1. Borrowed py 50,000 from the bank by signing a
Question:
1. Borrowed py 50,000 from the bank by signing a note.
2. Paid py 25,000 cash for a computer.
3. Purchased py 4,500 of supplies on account.
Instructions
(a) Indicate what accounts are increased and decreased by each transaction.
(b) Journalize each transaction. (Omit explanations.)
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Step by Step Answer:
a 1 Increase the asset Cash increase the liability Notes Payabl...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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