Question

baffled

The following are the transactions of Spotlighter, Inc., for the month of January a 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. Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero. Cash Supplies Beg Bal Beg. Bal End. Bal End. Bal Equipment Accounts Payable Beg Bal Beg Bal

Answer 1

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A B C D E F G н. T J K L M м. N O 1 2 3 Supplies 4 Beg.bal Cash Beg.bal Notes Payable (Short term) 3940 Equipment 200 Common Stock 4630 Supplies 300 Equipment Beg.bal Cash Notes Payable (Short term) 200 5 6 Cash Accounts Payable 300 7001 800 7 8 9 End. Bal 8070 End. Bal 1000 End. Bal 10001 10 11 12 Accounts Payable Common Stock 13 Beg.bal Beg.bal Notes Payable (Short term) Beg.bal Cash 3940 Equipment 800 14 Supplies 700 Cash 4630 15 16 17 18 End. Bal 700 End. Bal 4740 End. Bal 4630 19

For calculation ref:

A B с D E F G H 1 J K L M N 1 2 3 Cash Supplies Equipment st Beg.bal 1=G12 =L12 5 Beg.bal =B3 3940 Beg.bal =B3 =B12 =L3 200 =E6 =E5 6 4630 =G3 300 700 =G12 =J15 7 8 9 End. Bal =C5+C6-E5-E6 End. Bal =H5+H6 End. Bal =M5+M6 10 11 12 Accounts Payable 13 Beg.bal Notes Payable (Short term) Beg.bal =B3 =C5 Common Stock Beg.bal =B3 =C6 14 =G3 =H6 15 =L3 800 16 17 18 End. Bal =E14-C14 End. Bal =J14+115 End. Bal =O14 19