Barnes Industries had the following transactions. 1. Borrowed $5,000 from the bank by signing a note. 2.
Question:
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.)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
a 1 Increase the asset Cash increase the liability Notes Paya...View the full answer
Answered By
Evans Cherono
I am an Information Technology Graduate and willing to work on any computer science or IT work to ensure I do my best all the time.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
A company borrowed cash from the bank by signing a 5-year, 8% installment note. The present value of an annuity factor at 8% for 5 years is 3.9927. Each annual payment equals $75,000. The present...
-
A company borrowed cash from the bank by signing a 3-year, 6% installment note. The present value of an annuity factor at 6% for 3 years is 2.6730. The present value of a single sum at 6% for 3 years...
-
NOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: Apr. Borrowed $5,000 from Builder's Bank, signing a 90-day, 8% note. 5 Gave a $2,000, 60-day, 7% note to Breaker...
-
A company had average total assets of $500,000, gross sales of $575,000, and net sales of $550,000. The companys total asset turnover is a. 1.15. b. 1.10. c. 0.91. d. 0.87. e. 1.05.
-
Describe the differences between principal-agent conflicts and principal-principal conflicts.
-
Ann McCutcheon is hired as a consultant to a firm producing ball bearings. This firm sells in two distinct markets, each of which is completely sealed off from the other. The demand curve for the...
-
Lamb organized a limited partnership and is the only general partner. Maxi invested $20,000 in the partnership and was admitted as a limited partner with the understanding that he would receive 10%...
-
Americas Company has a plant capacity of 100,000 units per year, but its bud get for this year indicates that only 60,000 units will be produced and sold. The entire budget for this year follows. 1....
-
A grocery supplier believes that the mean number of broken eggs per dozen is 0.4 with a standard deviation of 0.2. You buy 5 dozen eggs without checking them. a) How many broken eggs do you expect to...
-
Q1 JE # 1 JE # 2 JE # 3 JE # 4 Business Insurance Annual Expense Coverage Period Here is the billing schedule of the insurance carrier. Invoice Schedule Invoice Amount Installment 1 Installment 2...
-
Transaction data for Aromashodu Real Estate Agency are presented in E2-4. Instructions Journalize the transactions. (You may omit explanations.)
-
Beekman Enterprises had the following selected transactions. 1. Jo Beekman invested $4,000 cash in the business. 2. Paid office rent of $950. 3. Performed consulting services and billed a client...
-
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon...
-
RentitAll Management Services is considering an investment of $60,000. Data related to the investment are as follows: 1 Year Cash Flow $20,000 2 24,000 3 30,000 4 40,000 5 20,000 Cost of capital is...
-
How can you identify the risk and rate return of a company? What is the risk and rate return of Apple Inc.? What is the Beta of Apple Inc.? What is the Capital Asset Pricing Model (CAPM) of Apple...
-
A Certificate-of-Need (CON) is required before facilities can implement changes in services provided. What is the purpose of the CON and how does a CON regulate staffing?
-
Perit Industries has $135,000 to invest. The company is trying to decide between two alternative uses of the funds. The alternatives are: Project A Cost of equipment required Working capital...
-
Nonconstant growth 12.00% Normal (constant) growth 4.00% Req. rate of return 13% Last dividend (D0) $1.75 Supernormal period 5 years is this right for the 13%
-
In an audit of a corporation that has a bond issue outstanding, the trust indenture is reviewed and confirmation as to the issue is obtained from the trustee. List eight matters of importance to the...
-
As water moves through the hydrologic cycle, water quality changes are common because of natural phenomena or anthropogenic pollution. Using Figure 11.1, describe how water-quality changes occur...
-
Read Eye on Climate Change on pp. 254255 and then describe the government actions that could decrease carbon emissions. Explain why the government is not taking these actions more aggressively. EYE...
-
Villa Company reported net income of $195,000 for 2010.Villa also reported depreciation expense of $45,000 and a loss of $5,000 on the sale of equipment. The comparative balance sheet shows a...
-
The current sections of Bellinham Inc.s balance sheets at December 31, 2009 and 2010, are presented here. Bellinhams net income for 2010 was $153,000. Depreciation expense was $24,000. Instructions...
-
The three accounts shown below appear in the general ledger of Cesar Corp. during 2010. InstructionsFrom the postings in the accounts, indicate how the information is reported on a statement of cash...
-
P11.34 Overhead variances; journal entries; closing variance accounts: manufacturer LO11.5 Broome Instruments Company manufactures a control valve used in air-conditioning systems. The firm uses a...
-
What are the problems with the ideal CNN model? A. Requirement of a large and labeled image dataset B. Higher computational cost for training deep CNNs C. Lower computational cost for training deep...
-
Pregunta 10 1 pts El ingenio Mujica labora en INHGEOMIN; el contador de la institucin le informa que una mina en explotacin tiene una produccin anual de $600,000 y se calcula que se agotar en cinco...
Study smarter with the SolutionInn App