Determine ending account balances

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

Point 1: Borrowed $4,740 from a local bank on a note due in six months.

Point 2: Received $5,430 cash from investors and issued common stock to them.

Point 3: Purchased $2,600 in equipment, paying $1,000 cash and promising the rest on a note due in one year.

Point 4: Paid $1,100 cash for supplies.

Point 5: Bought and received $1,500 of supplies on account.

Question 1: Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero.

Reference no: EM132465016

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