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The following are the transactions of Spotlighter, Incorporated, for the month of January. Borrowed $4,290...

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Accounting

The following are the transactions of Spotlighter, Incorporated, for the month of January. Borrowed $4,290 from a local bank on a note due in six months. Received $4,980 cash from investors and issued common stock to them. Purchased $1,700 in equipment, paying $550 cash and promising the rest on a note due in one year. Paid $650 cash for supplies. Bought and received $1,050 of supplies on account. Required: Prepare journal entries for each transaction. (If no

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