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The following are the transactions of Spotlighter, Inc., for the month of January. Borrowed $4,690 from...

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

  1. Borrowed $4,690 from a local bank on a note due in six months.
  2. Received $5,380 cash from investors and issued common stock to them.
  3. Purchased $2,500 in equipment, paying $950 cash and promising the rest on a note due in one year.
  4. Paid $1,050 cash for supplies.
  5. Bought and received $1,450 of supplies on account.

Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero.

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ekkarill92 answered 2 years ago
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