For each of the following transactions of spotlighter, inc., for the month of january, indicate the accounts, amounts, and direction of the effects on the accounting equation. a sample is provided. (enter any decreases to account balances with a minus sign.) a. (sample) borrowed $4,640 from a local bank on a note due in six months. b. received $5,330 cash from investors and issued common stock to them. c. purchased $1,700 in equipment, paying $550 cash and promising the rest on a note due in one year. d. paid $650 cash for supplies. e. bought and received $1,050 of supplies on account.

For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation

Explanation:

a. Borrowed $4,640 from a local bank  4640 Cash bank Increase

 on a note due in six months.                 4640 note payable Increase

b. Received $5,330 cash from investors and 5330 Cash bank Increase

   issued common stock to them.                    5330 Stock Increase

c. Purchased $1,700 in equipment,                  1700 Equipment Increase

paying $550 cash and                                       550 Cash bank Decrease

promising the rest on a note due in one year.1150 Note Payable Increase

d. Paid $650 cash for supplies.                          650 cash bank decrease

supplies                                                                650 supplies Increase

e. Bought and received $1,050                         1050 Supplies Increase

of supplies on account.                                      1050 Accoun Payable Increase

answer; encouraging the development of innovations by firms attempting to break a monopoly; (creative destruction)

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