Question 4 Sheffield Corp. had the following transactions. 1. Borrowed pyg54,665

Question

Question 4 Sheffield Corp. had the following transactions. 1. Borrowed pyg54,665 from the bank by signing a note 2. Paid pyg27,333 cash for a computer. 3. Purchased pyg4,920 of supplies on account. (a) Indicate what accounts are increased and decreased by each transaction. bit Ana Credit Analysis 2. (b) Journalize each transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 2.

Explanation / Answer

a)

b)

Trans. No Debit Analysis Credit Analysis 1 Increased Assets Cash Increased Liabilities Notes Payable 2 Increased Assets computer Decreased Assets cash 3 Increased Expenses Supplies Increased Liabilities Accounts Payables

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