These These are the options for the General Journal: No Journal Entry Required A

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These These are the options for the General Journal: No Journal Entry Required Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation—?Buildings Accumulated Depreciation—?Equipment Accumulated Depreciation—?Vehicles Advertising Expense Amortization Expense Bad Debt Expense Buildings Cash Common Stock Copyrights Cost of Goods Sold Delivery Expense Depreciation Expense Dividends Dividends Payable Donation Revenue Equipment Franchise Rights Goodwill Income Tax Expense Income Tax Payable Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Legal Expense Licensing Rights Logo and Trademarks Notes Payable (long-term) Notes Payable (short-term) Notes Receivable (long-term) Notes Receivable (short-term) Office Expenses Patents Prepaid Advertising Prepaid Insurance Prepaid Rent Rent Expense Rent Revenue Repairs and Maintenance Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Short-term Investments Software Subscription Revenue Supplies Supplies Expense Travel Expense Unearned Revenue Utilities Expense Vehicles No Journal Entry Required Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation—?Buildings Accumulated Depreciation—?Equipment Accumulated Depreciation—?Vehicles Advertising Expense Amortization Expense Bad Debt Expense Buildings Cash Common Stock Copyrights Cost of Goods Sold Delivery Expense Depreciation Expense Dividends Dividends Payable Donation Revenue Equipment Franchise Rights Goodwill Income Tax Expense Income Tax Payable Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Legal Expense Licensing Rights Logo and Trademarks Notes Payable (long-term) Notes Payable (short-term) Notes Receivable (long-term) Notes Receivable (short-term) Office Expenses Patents Prepaid Advertising Prepaid Insurance Prepaid Rent Rent Expense Rent Revenue Repairs and Maintenance Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Short-term Investments Software Subscription Revenue Supplies Supplies Expense Travel Expense Unearned Revenue Utilities Expense Vehicles The following are the transactions of Spotlighter, Inc., for the month of January: a. Borrowed $4,390 from a local bank on a note due in six months. b. Received $5,080 cash from investors and issued common stock to them. c Purchased $1,9 o in equipment, paying $650 cash and promising the rest on a note due in one year. d. Paid $750 cash for supplies. e. Bought and received $1,150 of supplies on account. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Borrowed $4,390 from a local bank on a note due in six months. Record the transaction. Note: Enter debits before credits Debit Credit General Journal Transaction View general journal Clear entry Record entry

Explanation / Answer

Jounal Entries TRANSACTION ACCOUNT NAME DEBIT CREDIT a cash $4,390 notes payable(short term) $4,390 (to record the borrowings of 4390) b cash $5080 common stock $5080 (to record the issuance of common stock) c Equipment $1900 cash $650 notes payable(short term) $1250 (to record the acquisition of Equipment) d Supplies $750 cash $750 (to record the cash paid for supplies) e Supplies $1150 accounts payable $1150 (to record the supplies bought on account)

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