Barnes Industries had the following transactions.1. Borrowed $5,000 from the bank by signing a…

Barnes Industries had the following transactions.1. Borrowed $5,000 from the bank by signing a note.2. Paid $3,100 cash for a computer.3. Purchased $850 of supplies on account.Instructions(a) Indicate what accounts are increased and decreased by each transaction.(b) Journalize each transaction. (Omit explanations.)View Solution:
Barnes Industries had the following transactions 1 Borrowed 5

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