The following are the transactions of Spotlighter, Incorporated, for the month of January.

Required:

For each transaction, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided.

Note: Enter any decreases to account balances with a minus sign.

$($Sample$)$ Borrowed $$3,940$ from a local bank on a note due in six months.

Received $$4,630$ cash from investors and issued common stock to them.

Purchased $$1,000$ in equipment, paying $$200$ cash and promising the rest on a note due in one year.

Paid $$300$ cash for supplies.

Bought and received $$700$ of supplies on account.