Question 4 Pharoah Company had the following transactions. 1. Borrowed pyg72,690 from the bank by signing...
Question 4
Pharoah Company had the following transactions.
| 1. | Borrowed pyg72,690 from the bank by signing a note. | |
| 2. | Paid pyg36,345 cash for a computer. | |
| 3. | Purchased pyg6,542 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. If no entry is required,
select "No entry" for the account titles and enter 0 for the
amounts.)
Homework Answers
| a) | Assets | = | Liabilities | + | Equity |
| 1 | Increase | Increase | No effect | ||
| 2 | Increase and decrease | No effect | No effect | ||
| 3 | Increase | Increase | No effect | ||
| b) | Cash Ac Dr | 72690 | |||
| Notes payable Cr | 72690 | ||||
| Computer Dr | 36345 | ||||
| Cash | 36345 | ||||
| Supplies Dr | 6542 | ||||
| Accounts payable | 6542 | ||||
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