Exercise 2-6

Konerko Industries had the following transactions.

1. Borrowed py 50,000 from the bank by signing a note.

2. Paid py 25,000 cash for a computer.

3. Purchased py 7,000 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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