(Answered) Konerko industries had the following transactions1 borrowed

Accounting

Konerko Industries had the following transactions.

1. Borrowed $5,000 from the bank by signing a note.

2. Paid $2,500 cash for a computer.

3. Purchased $700 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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