The following are the transactions of Spotlighter, Inc., for the month of Januar

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The following are the transactions of Spotlighter, Inc., for the month of January: a. 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 $1,409 in equipment, paying $400 cash and promising the rest on a Note due in one year. d. Paid $500 cash for Supplies. e. Bought and received $900 of Supplies on Account. Prepare journal entries for each transaction. If not entry is required for a transaction/event, select “No Journal Entry Required” in the first Account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 > Borrowed $4,140 from a local bank on a Note due in six months. Record the transaction. Note: Enter debits before credits Transaction a. b. c. d.e. f. General Journal a. b. c. d. e. f. Debit a. b. c. d. e. f. Credit a. b. c. d. e. f. Record entry Clear entry view general Journal The following are the transactions of Spotlighter, Inc., for the month of January: a. 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 $1,409 in equipment, paying $400 cash and promising the rest on a Note due in one year. d. Paid $500 cash for Supplies. e. Bought and received $900 of Supplies on Account. Prepare journal entries for each transaction. If not entry is required for a transaction/event, select “No Journal Entry Required” in the first Account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 > Borrowed $4,140 from a local bank on a Note due in six months. Record the transaction. Note: Enter debits before credits Transaction a. b. c. d.e. f. General Journal a. b. c. d. e. f. Debit a. b. c. d. e. f. Credit a. b. c. d. e. f. Record entry Clear entry view general Journal The following are the transactions of Spotlighter, Inc., for the month of January: a. 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 $1,409 in equipment, paying $400 cash and promising the rest on a Note due in one year. d. Paid $500 cash for Supplies. e. Bought and received $900 of Supplies on Account. Prepare journal entries for each transaction. If not entry is required for a transaction/event, select “No Journal Entry Required” in the first Account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 > Borrowed $4,140 from a local bank on a Note due in six months. Record the transaction. Note: Enter debits before credits Transaction a. b. c. d.e. f. General Journal a. b. c. d. e. f. Debit a. b. c. d. e. f. Credit a. b. c. d. e. f. Record entry Clear entry view general Journal

Explanation / Answer

Journal Debit Credit a Cash $4,140 Notes payable $4,140 b Cash $4,830 Common Stock $4,830 c Equipment $1,409 Cash $400 Notes payable $1,009 d Supplies $500 Cash $500 e Supplies $900 Accounts Payable $900

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