Marx Industries had the following transactions:
- Borrowed $5,000 from the bank by signing a note.
- Paid $3,100 cash for a computer.
- Purchased $850 of supplies on account.
- Indicate what accounts are increased and decreased by each transaction.
- Journalize each transaction. (Omit explanations.)
- Cash increases and Note Payable increases
- Equipment increases and Cash decreases
- Supplies increases and Accounts Payable increases