2.99 See Answer

Question: Fredo Industries had the following transactions. 1.


Fredo 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.

Instructions
(a) Indicate what accounts are increased and decreased by each transaction.
(b) Journalize each transaction. (Omit explanations.)


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> Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2019. 1. Purchased a 1-year insurance policy on June 1 for $1,800 cash. 2. Paid $6,500 on August 31 for 5 months’ rent in advanc

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> Transaction data for Lexington Real Estate Agency are presented in E2-4. Reference Data E2-4: Oct. 1 Diane Lexington begins business as a real estate agent with a cash investment of $20,000 in exchange for common stock. 2 Hires an administrative as

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2.99

See Answer