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, 2013.
Transaction In M2-9
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 stock to them.
c. Purchased $1000 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.

Balance Sheet
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...