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

Question:

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.

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Related Book For  answer-question

Accounting Principles

ISBN: 978-1119411482

13th edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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