Accounting Homework

No. Account Titles and Explanation Debit Credit

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Print by: Alfear Holmes ACC557065VA016-1146-001: Financial Accounting / Week 2 Homework: Chapter 02

*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.

Debit Analysis Credit Analysis

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(b) Journalize each transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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