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

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Accounting

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

  1. Borrowed $3,940 from a local bank on a note due in six months.
  2. Received $4,630 cash from investors and issued common stock to them.
  3. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year.
  4. Paid $300 cash for supplies.
  5. Bought and received $700 of supplies on account.

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