Briefly explain the impact (increase or decrease) these transactions would have on specific accounts in the...

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Accounting

Briefly explain the impact (increase or decrease) thesetransactions would have on specific accounts in the incomestatement and balance sheet.
Date
Transaction
January 1
Borrowed $6,000 on a note payable. Interest rate of 7% is to bepaid at the end of each month.
January 10
Purchased 10 GoPro cameras for $100 each on account. Payment tothe supplier is due on February 9.
January 20
Sold 2 of those GoPro cameras for $175 each on account.
January 31
Sold gift cards totaling $2,000 for cash to customers.

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Impact increase or decrease that these transactions would have on specific accounts in the income statement and balance sheet are as shown below Date Transaction Entry Impact on Income Statement Impact on Balance Sheet Jan01 Borrowed 6000 on a note See Answer

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Briefly explain the impact (increase or decrease) these transactions would have on specific accounts in the...

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Accounting

Answer & Explanation Solved by verified expert

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Date	Transaction
January 1	Borrowed $6,000 on a note payable. Interest rate of 7% is to bepaid at the end of each month.
January 10	Purchased 10 GoPro cameras for $100 each on account. Payment tothe supplier is due on February 9.
January 20	Sold 2 of those GoPro cameras for $175 each on account.
January 31	Sold gift cards totaling $2,000 for cash to customers.