Problem:
Please help with the following problem about journal entries.
Make the journal entry necessary to record the transaction.
Impact of a Transaction
The company borrowed $85,000 in cash from Eastern Bank.
a. List the accounts impacted by the transaction.
b. For each account, indicate whether the transaction increased or decreased the account.
c. For each account, indicate how much the transaction increased or decreased the account.
d. Compute the impact of the transaction on total assets, total liabilities, and total owners' equity.