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.

Instructions:
(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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