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Determine ending account balances

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

  1. Borrowed $4,190 from a local bank on a note due in six months.
  2. Received $4,880 cash from investors and issued common stock to them.
  3. Purchased $1,500 in equipment, paying $450 cash and promising the rest on a note due in one year.
  4. Paid $550 cash for supplies.
  5. Bought and received $950 of supplies on account.

Question 1: Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero.

Reference no: EM132479151

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