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Prepare journal entries for transaction for spotlighter inc

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

1. Borrowed $4,190 from a local bank on a note due in six months.
2. Received $4,880 cash from investors and issued common stock to them.
3. Purchased $1,500 in equipment, paying $450 cash and promising the rest on a note due in one year.
4. Paid $550 cash for supplies.
5. Bought and received $950 of supplies on account.

Problem 1: Prepare journal entries for each transaction

Reference no: EM132835297

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