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. prepare a classified balance sheet for spotlighter inc., as of january 31.

BALANCE SHEETS31 Jan

Cash  $8,070

Supplies  $1,000

TOTAL CURRENT ASSETS   $9,070  

Property and Equipment  $1,000

TOTAL NONCURRENT ASSETS   1,000  

TOTAL ASSETS   $10,070  

Notes Payable  $4,740

Accounts Payable $0,700

TOTAL CURRENT LIABILITIES  $5,440

TOTAL NONCURRENT LIABILITIES  $0,000

TOTAL LIABILITIES  $5,440

Common Stock  $4,630

TOTAL EQUITY  $4,630

TOTAL EQUITY & LIABILITIES  $10,070

Explanation:

a. Borrowed $3,940 from a local bank on a note due in six months

Debit$3,940Cash

Credit$3,940Notes Payable

b. Received $4,630 cash from investors and issued common stock to them

Debit$4,630Cash

Credit$4,630Common Stock

c. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year.

Debit$1,000Equipment

Credit$0,200Cash

Credit$0,800Note Payable

d. Paid $300 cash for supplies

Debit$0,300Supplies

Credit$0,300Cash

e. Bought and received $700 of supplies on account

Debit$0,700Supplies

Credit$0,700Accounts Payable

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough

answer; engaging in effective public relations;