Question

xercise 2-6 Your answer is partially correct. Try again. Fredo Industries had the following transactions. 1. Borrowed $5,043 from the bank by signing a note. 2. Paid $2,521 cash for a computer. 3. Purchased $454 of supplies on account. (a) Indicate what accounts are increased and decreased by each transaction. Debit Analysis 1. Increase the Asset Cash 2. Increase the Asset 3. Increase the Asset Credit Analysis Increase the Liability Accounts Payable Common Stock Decrease the Asset No Entry Supplies Increase the Liability Accounts Payable (b) Journalize each transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If the account titles and enter O for the amounts.) No. Account Titles and Explanation 1. Cash Debit Credit 5,043 Notes Payable 5,043 2. CO 2,521 Cash 2,521 3. Supplies 454 Accounts Payable 454 SHOW LIST OF ACCOUNTS

          xercise 2-6
Your answer is partially correct. Try again.
Fredo Industries had the following transactions.
1. Borrowed $5,043 from the bank by signing a note.
2. Paid $2,521 cash for a computer.
3. Purchased $454 of supplies on account.
(a) Indicate what accounts are increased and decreased by each transaction.
Debit Analysis
1.
Increase the Asset
Cash
2.
Increase the Asset
3.
Increase the Asset
Credit Analysis
Increase the Liability
Accounts Payable
Common Stock
Decrease the Asset
No Entry
Supplies
Increase the Liability
Accounts Payable
(b) Journalize each transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If
the account titles and enter O for the amounts.)
No. Account Titles and Explanation
1.
Cash
Debit
Credit
5,043
Notes Payable
5,043
2.
CO
2,521
Cash
2,521
3.
Supplies
454
Accounts Payable
454
SHOW LIST OF ACCOUNTS

xercise 2-6
Your answer is partially correct. Try again.
Fredo Industries had the following transactions.
1. Borrowed 5,043 from the bank by signing a note.
2. Paid2,521 cash for a computer.
3. Purchased 454 of supplies on account.
(a) Indicate what accounts are increased and decreased by each transaction.
Debit Analysis
1.
Increase the Asset
Cash
2.
Increase the Asset
3.
Increase the Asset
Credit Analysis
Increase the Liability
Accounts Payable
Common Stock
Decrease the Asset
No Entry
Supplies
Increase the Liability
Accounts Payable
(b) Journalize each transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If
the account titles and enter O for the amounts.)
No. Account Titles and Explanation
1.
Cash
Debit
Credit
5,043
Notes Payable
5,043
2.
CO
2,521
Cash
2,521
3.
Supplies
454
Accounts Payable
454
SHOW LIST OF ACCOUNTS

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