Elvira Industries had the following transactions

Elvira Industries had the following transactions

Acc 557 2-6

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.

(a) Indicate what accounts are increased and decreased by each transaction.

(b) Journalize each transaction.

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