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The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $4,240 from a local bank on a note due in
The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $4,240 from a local bank on a note due in six months. b. Received $4,930 cash from investors and issued common stock to them. c. Purchased $1,600 in equipment paying $500 cash and promising the rest on a note due in one year. d. Paid $600 cash for supplies. e. Bought and received $1,000 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. Beg. Bal. End. Bal End. Bal. Equipment Accounts Payable Beg Bal. Bog. Bal End. Bal. End. Bal. Notes Payable (short-term) Common Stock Bog. Bal. Beg. Bal End, Bal End, Bal
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