Solution-Indicate the effects on the accounting equation

Indicate the effects on the accounting equation

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Reference no: EM133173793

Question - Bryanger Company sells a wide range of inventories that are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the year:

a. On January 10, purchased merchandise on credit for $26,500; company uses a perpetual inventory system.

b. On March 1, borrowed $57,000 cash from City Bank and signed a promissory note with a face amount of 57,000, due at the end of six months, accruing interest at an annual rate of 7.5 percent, payable at maturity.

Required - For each of the transactions, indicate the effects (accounts and amounts) on the accounting equation.

Reference no: EM133173793

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Indicate the effects on the accounting equation

Reference no: EM133173793

Reference no: EM133173793

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