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1. Think about the transactions listed below.

a. A company obtains a $10,000 loan from a bank.

b. A company purchases $15,000 of inventory from its suppliers. They paid $5,000 today and will pay the reminder at a later date.

c. A company makes a $20,000 sale. The customer will pay in 30 days.

For each transaction:

i. What accounts would be impacted?

ii. Would those accounts increase or decrease?

iii. What would you debit and what would you credit if you were doing a journal entry?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9795785

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