The following are the transactions of Spotlighter, Inc., for the month of January. Borrowed $3,940 from...
The following are the transactions of Spotlighter, Inc., for the month of January. 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. Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero.
Homework Answers
| Cash | Supplies | |||||||
| Beg. Bal. | 0 | Beg. Bal. | 0 | |||||
| a | $ 3,940 | $ 200 | c | d | $ 300 | |||
| b | $ 4,630 | $ 300 | d | e | $ 700 | |||
| End. Bal. | $ 8,070 | End. Bal. | $ 1,000 | |||||
| Equipment | Accounts Payable | |||||||
| Beg. Bal. | 0 | Beg. Bal. | 0 | |||||
| c | $ 1,000 | $ 700 | e | |||||
| End. Bal. | $ 1,000 | End. Bal. | $ 700 | |||||
| Notes payable (Short Term) | Common Stock | |||||||
| Beg. Bal. | 0 | Beg. Bal. | 0 | |||||
| $ 3,940 | a | $ 4,630 | b | |||||
| $ 800 | c | |||||||
| End. Bal. | $ 4,740 | End. Bal. | $ 4,630 | |||||
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The following are the transactions of Spotlighter, Inc., for the
month of January. Borrowed $3,940 from...
The following are the transactions of Spotlighter, Inc for the month of January 2013: Borrowed $3,940...
The following are the transactions of Spotlighter, Inc for the month of January 2013: Borrowed $3,940 from a local bank on a note due In six months. Received $4,630 cash from investors and issued stock to them Purchased $1000 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. Post the effects to the appropriate T-accounts and determine ending account balances.
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the...
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.) (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...
baffled The following are the transactions of Spotlighter, Inc., for the month of January a Borrowed...
baffled
The following are the transactions of Spotlighter, Inc., for the month of January a Borrowed $3,940 from a local bank on a note due in six months. b. Received $4,630 cash from investors and issued common stock to them. c. Purchased $1.000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e. Bought and received $700 of supplies on account. Post the effects to the appropriate...
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The following are the transactions of Spotlighter, Inc. for the month of January a Borrowed $4,340 from a local bank on a note due in six months b. Received $5,030 cash from Investors and issued common stock to them. c. Purchased $1.800 In equipment, paying $600 cash and promising the rest on a note due in one year. d. Paid $700 cash for supplies. e. Bought and received $1,100 of supplies on account Post the effects to the appropriate T-accounts...
The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $3.940...
The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $3.940 from a local bank on a note due in six months. b. Received $4.630 cash from investors and issued common stock to them. c. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e Bought and received $700 of supplies on account. Prepare a classified balance sheet for Spotlighter,...
a. Borrowed $3,940 from a local bank on a note due in six months. b. Received...
a. Borrowed $3,940 from a local bank on a note due in six months. b. Received $4,630 cash from investors and issued common stock to them. c. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e. Bought and received $700 of supplies on account. Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero. Cash Supplies...
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The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $4,540 from a local bank on a note due in six months. b. Received $5,230 cash from investors and issued common stock to them. c. Purchased $2,200 in equipment, paying $800 cash and promising the rest on a note due in one year. d. Paid $900 cash for supplies. e. Bought and received $1,300 of supplies on account. Post the effects to the appropriate T-accounts...
a. Borrowed $3,940 from a local bank on a note due in six months. b. Received...
a. Borrowed $3,940 from a local bank on a note due in six months. b. Received $4,630 cash from investors and issued common stock to them. c. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year d. Paid $300 cash for supplies. e. Bought and received $700 of supplies on account. Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero. Cash Supplies...
M2-12 Reporting a Classified Balance Sheet [LO 2-4] The following are the transactions of Spotlighter, Inc.,...
M2-12 Reporting a Classified Balance Sheet [LO 2-4] The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $3,940 from a local bank on a note due in six months. b. Received $4,630 cash from investors and issued common stock to them. c. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e. Bought and received $700 of supplies on...
For each of the following transactions of Spotlighter, Inc. for the month of January, Indicate the...
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) a (Sample Borrowed $5.940 from a local bank on a note due in six months. Received $6,630 cash from investors and issued common stock to them. c Purchased $3.000 in equipment paying $1,200 cash and promising the rest on...
baffled
The following are the transactions of Spotlighter, Inc., for the month of January a Borrowed $3,940 from a local bank on a note due in six months. b. Received $4,630 cash from investors and issued common stock to them. c. Purchased $1.000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e. Bought and received $700 of supplies on account. Post the effects to the appropriate...
The following are the transactions of Spotlighter, Inc. for the month of January a Borrowed $4,340 from a local bank on a note due in six months b. Received $5,030 cash from Investors and issued common stock to them. c. Purchased $1.800 In equipment, paying $600 cash and promising the rest on a note due in one year. d. Paid $700 cash for supplies. e. Bought and received $1,100 of supplies on account Post the effects to the appropriate T-accounts...
The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $3.940 from a local bank on a note due in six months. b. Received $4.630 cash from investors and issued common stock to them. c. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e Bought and received $700 of supplies on account. Prepare a classified balance sheet for Spotlighter,...
a. Borrowed $3,940 from a local bank on a note due in six months. b. Received $4,630 cash from investors and issued common stock to them. c. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e. Bought and received $700 of supplies on account. Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero. Cash Supplies...
The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $4,540 from a local bank on a note due in six months. b. Received $5,230 cash from investors and issued common stock to them. c. Purchased $2,200 in equipment, paying $800 cash and promising the rest on a note due in one year. d. Paid $900 cash for supplies. e. Bought and received $1,300 of supplies on account. Post the effects to the appropriate T-accounts...
a. Borrowed $3,940 from a local bank on a note due in six months. b. Received $4,630 cash from investors and issued common stock to them. c. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year d. Paid $300 cash for supplies. e. Bought and received $700 of supplies on account. Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero. Cash Supplies...
M2-12 Reporting a Classified Balance Sheet [LO 2-4] The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $3,940 from a local bank on a note due in six months. b. Received $4,630 cash from investors and issued common stock to them. c. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e. Bought and received $700 of supplies on...
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