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1. 10.00 points The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $5,540 from a local bank on a note due in six months. b. Received $6,230 cash from investors and issued common stock to them. c. Purchased $2,600 in equipment, paying $1,000 cash and promising the rest on a note due in one year d. Paid $1,100 cash for supplies. e. Bought and received $1,500 of supplies on account Prepare a classified balance sheet for Spotlighter, Inc., as of January 31 SPOTLIGHTER INC. Balance Sheet At January31 Assets Liabilities Current Assets Current Liabilities $ 1,600 5,540 S 1,940Accounts Payable Cash Accounts Receivable Supplies 6,230 Notes Payable (long-term) 400 Total Current Assets 8,570 Total Current Liabilities 7.140 Stockholders' Equity Equipment 2,600 Common Stock 6,230 Retained Earnings Total Assets 11,170Total Stockholders' Equity $ 13,370 References eBook&Resources