Indicate the amounts effects on the accounting equation

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Question - For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.)

1. Borrowed $4,640 from a local bank on a note due in six months.

2. Received $5,330 cash from investors and issued common stock to them.

3. Purchased $1,700 in equipment, paying $550 cash and promising the rest on a note due in one year.

4. Paid $650 cash for supplies.

5. Bought and received $1,050 of supplies on account.

Reference no: EM132745363

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