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The following are the transactions of Spotlighter, Incorporated, for the month of January. Borrowed $4,240...

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Accounting

The following are the transactions of Spotlighter, Incorporated, for the month of January. Borrowed $4,240 from a local bank on a note due in six months. Received $4,930 cash from investors and issued common stock to them. Purchased $1,600 in equipment, paying $500 cash and promising the rest on a note due in one year. Paid $600 cash for supplies. Bought and received $1,000 of supplies on account. Required: Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero

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