Konerko industries had the following transactionsborrowed, Ask an Expert

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Konerko Industries had the following transactions.
Borrowed $5,000 from the bank by signing a note.
Paid $2,500 cash for a computer.
Purchased $700 of supplies on account.

Instructions(a) Indicate what accounts are increased, decreased or has no effect by each transaction. (No effect is used when the account is not debited or credited.)

Assets = Liabilities + Owners Equity

3.
(b) Journalize each transaction.

Account/ Description Debit Credit

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9983232

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