Acc557 Financial Accounting: E2-6 Elvira Industries had the following transactions

Acc557 Financial Accounting

Exercise 2-6
Elvira 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 $450 of supplies on account.

(a) Indicate what accounts are increased and decreased by each transaction.
(b) Journalize each transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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