Given the transactions in M2- 9 (including the sample), prepare a classified balance sheet for Spot-lighter, Inc.,

Question:

Given the transactions in M2- 9 (including the sample), prepare a classified for Spot-lighter, Inc., as of January 31.
a. (Sample) Borrowed $ 3,940 from a local bank on a note due in six months.
b. Received $ 4,630 cash from investors and issued to them.
c. Purchased $ 1,000 in equipment, paying $ 200 cash and promising the rest on a note due in one year.
d. Paid $ 300 cash for supplies.
e. Bought and received $ 700 of supplies on account.

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Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...