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Determining Financial Statement Effects of several transactions - M2-9 For each of the following transactions of...

Determining Financial Statement Effects of several transactions - M2-9

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 $3940 from a local bank on a note due in six months.

Received $4630 cash from investors and issued common stock to them.

Purchased $1,000 in equipment, paying $250 cash and promising the rest on a note due in one year.

Paid $350 cash for supplies.

Bought and received $700 of supplies on account.

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Answer #1

Assets Liabilities +Stockholders equity Cash 3,940 Notes payable3,940 (short-term) Cash +4,630 Common stock 4,630 Cash Equipment +1,000 (short-term) 250 Notes payable +750 Cash 350 Supplies +350 Supplies +700 Accounts payable +700 Note that all the amounts are in $.

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