For each of the following transactions of Spotlighter, Inc., for
the month of January, 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.)
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(Sample) Borrowed $3,940 from a local bank on a note
due in six months.
- Received $4,630 cash from investors and issued common stock to
them.
- Purchased $1,000 in equipment, paying $200 cash and promising
the rest on a note due in one year.
- Paid $300 cash for supplies.
- Bought and received $700 of supplies on account.
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Liabilities |
+ |
Stockholders' Equity |
| a. |
Cash |
3,940 |
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Notes Payable (short-term) |
3,940 |
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| d. |
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