For each of the following transactions of Spotighter, Inc., ,for the month of Ja

Question

For each of the following transactions of Spotighter, Inc., ,for the month of January, indicate t amounts, and direction of the efects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) he accounts a. (Sampie) Borrowed $4,140 from a local bank on a note due in six months. b. Received $4,830 cash from investors and issued common stock to them c. Purchased $1,200 in equipment, paying $300 cash and promising the rest on a note due in one year d. Paid $400 cash for supplies e. Bought and received $800 of supplies on account Liabilities | Cash 4,140 Notes Payable (short-term) 4,140

Explanation / Answer

ASSETS Amount = Liabilities Amount + Stockholder's Equity Amount a Cash $       4,140.00 Note Payable (Short Term) $       4,140.00 b Cash $       4,830.00 Common Stock $        4,830.00 c Cash $         -300.00 Note Payable (Short Term) $           900.00 Equipment $       1,200.00 d Cash $         -400.00 Supplies $           400.00 e Supplies $           800.00 Account Payable $           800.00 Total $     10,670.00 = Total $       5,840.00 + Total $        4,830.00

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