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M2-10 Preparing Joumal Entries LO 2-3] The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $4,340 from a local bank on a note due in six months b. Received $5,030 cash from investors and issued common stock to them. c. Purchased $1,800 in equipment, paying $600 cash and promising the rest on a note due in one year. d. Paid $700 cash for supplies. e. Bought and received $1,100 of supplies on account. Prepare journal entries for each transaction. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Cash 4,340