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

He borrowed $4,790 from a local bank with a promissory note due in six months.

Received $5,480 in cash from investors and issued common shares to them.

He bought $2,700 worth of equipment, paid $1,050 in cash, and pledged the rest in a promissory note due in one year.

He paid $1,150 in cash for supplies.

Purchased and received $1,550 of supplies on account.

Prepare journal entries for each transaction.

Answer rating: 100% (QA)

Here are the journal entries for the transactions of Spotlighter ... View the full answer