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Indicate what accounts are increased and decreased

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Reference no: EM131138590

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.)

Reference no: EM131138590

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