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In: Accounting

   The following are the transactions of Spotlighter, Inc., for the month of January: a. Borrowed...

  
The following are the transactions of Spotlighter, Inc., for the month of January:


a. Borrowed $4,390 from a local bank on a note due in six months.
b. Received $5,080 cash from investors and issued common stock to them.
c. Purchased $1,900 in equipment, paying $650 cash and promising the rest on a note due in one year.
d. Paid $750 cash for supplies.
e. Bought and received $1,150 of supplies on account.


Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero
Cash Supplies
Beg. Bal. 0 Beg. Bal.
a. 4,390
b. 5,080
c.
End. Bal. 9,470 End. Bal.
Equipment Accounts Payable
Beg. Bal. Beg. Bal
End. Bal. End. Bal.
Notes Payable (short-term) Common Stock
Beg. Bal. Beg. Bal.
End. Bal. End. Bal.

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ekkarill92 answered 2 years ago
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