The following are the transactions of Spotlighted, Inc., for the month of January: a. Borrowed...
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Accounting
The following are the transactions of Spotlighted, Inc., for the month of January:
a. Borrowed $4,399 from a local bank on note due in six months. b. Received $5,080 cash from investors and issued common stock to them. c. Purchased $1,900 in equipment, paying$650 cash and promising the rest on a note due in one year. d. Paid $750 cash for supplies e. Bought and received $1,150 of supplied on account.
Post the effect to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero.
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You can see the logs in the Dashboard.