Required: The following are the transactions of Spotlighter, Incorporated, for the month of January, For...
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Accounting
Required: The following are the transactions of Spotlighter, Incorporated, for the month of January, For each transaction indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Borrowed $4,840 from a local bank on a note due in six months. b. Received $5,530 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 supplies on account Assets Liabilities 4,840 = Notes Payable (short-term) 4,840 + a Cash b. Cash C. Cash c Equipment id, Cash d. Supplies e Supplies IV
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