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 (Omit e...

Solution Large corporations and small businesses have economic trans ...

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

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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. (Omit explanations.)

Related Book For answer-question

Financial Accounting A User Perspective

ISBN: 978-0470676608

6th Canadian Edition

Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry

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Posted Date: Feb 07, 2022 02:55 PM

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

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Financial Accounting A User Perspective

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