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The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $4,490 from a local bank on a note due in
The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $4,490 from a local bank on a note due in six months. b. Received $5,180 cash from investors and issued common stock to them. c. Purchased $2,100 in equipment paying $750 cash and promising the rest on a note due in one year. d. Paid $850 cash for supplies. e. Bought and received $1,250 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. End. Bal. End. Bal. Equipment Accounts Payable Beg. Bal. 1 Beg. Bal End. Bal. End Bel Notes Payable (short-term) Common Stock Beg. Bal Beg. Bal End. Bal End. Bal
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