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The following are the transactions of Spotlighter, Inc., for the month of January.
Borrowed $4,790 from a local bank on a note due in six months.
Received $5,480 cash from investors and issued common stock to them.
Purchased $2,700 in equipment, paying $1,050 cash and promising the rest on a note due in one year.
Paid $1,150 cash for supplies.
Bought and received $1,550 of supplies on account.
Prepare journal entries for each transaction.
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