The following are six journal entries Keene Engineering, Inc. made during the month of April. Apr 1
Question:
The following are six journal entries Keene Engineering, Inc. made during the month of April.
Apr 1 Paid advertising expense, $275.
3 Paid $4,000 cash to purchase a new piece of equipment. 5 Issued shares in exchange for $7,000 cash.
9Borrowed $5,000 on a note payable from the bank.
12 Paid monthly telephone bill, $325.
17 Purchased supplies for $175, paid cash.
Requirement
For each transaction shown, determine the accounts affected, the type of account, whether the account increases or decreases, and whether it would be recorded in the journal on the debit or credit side. The first transaction has been analyzed for you.
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Step by Step Answer:
Transaction Account Affected Type Dr orCr Apr1 AdvertisingExpense ShareholdersEquity ...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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