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The following are the transactions of Spotlighter, Incorporated, for the month of January. a. Borrowed $4,290 from a local bank on a note due
The following are the transactions of Spotlighter, Incorporated, for the month of January. a. Borrowed $4,290 from a local bank on a note due in six months. b. Received $4,980 cash from investors and issued common stock to them. c. Purchased $1,700 in equipment, paying $550 cash and promising the rest on a note due in one year. d. Paid $650 cash for supplies. e. Bought and received $1,050 of supplies on account. Required: Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero. Cash Supplies Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance Equipment Accounts Payable Debit. Credit Debit Beginning Balance Beginning Balance Ending Balance Notes Payable (short-term) Debit Beginning Balance Ending Balance Ending Balance Common Stock Credit Debit Beginning Balance Ending Balance
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