ezto Favorites CHO2.02 The following are the transactions of Spotlighter, Inc.,

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ezto Favorites CHO2.02 The following are the transactions of Spotlighter, Inc., for the month of January a Borrowed $4,290 from a local bank on a note due in six months b. Received $4,980 cash from investors and issued common stock to them s 0 In eint,p e Bought and received $1,050 of supplies on account Pa s $50 cash and promising the rest on a ndte due in one year. Post the effects t balance of zero. to the appropriate T-accounts and determine ending account balances. Show a beginning Beg. Bal. End. Bal. End. Bal. Beg. Bal. Beg. Bal End. Bal. End. Bal. Beg. Bal. Beg Bal. End. Bal End. Bal. 0

Explanation / Answer

SOLUTION:

Cash (a) 4,290 550 (c (b) 4,980 650 (d) Ending balance 9,270 Supplies (d) 650 (e 1,050 Ending balance 1,700 Equipment (c 1,700 Ending balance 1,700 Account Payable 700 (e 700 Ending balance Notes Payable 4,290 (a) 1150 (c 5,440 Ending balance Common stock 4,980 (b) 4,980 Ending balance

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