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Prepare a classified balance sheet for spot lighter inc

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Reference no: EM13880423

Given the transactions in M2- 9 (including the sample), prepare a classified balance sheet for Spot-lighter, Inc., as of January 31.

a. (Sample) Borrowed $ 3,940 from a local bank on a note due in six months.

b. Received $ 4,630 cash from investors and issued common stock to them.

c. Purchased $ 1,000 in equipment, paying $ 200 cash and promising the rest on a note due in one year.

d. Paid $ 300 cash for supplies.

e. Bought and received $ 700 of supplies on account

Reference no: EM13880423

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