The following are the transactions of spotlighter, inc., for the month of january. borrowed $4,940 from a local bank on a note due in six months. received $5,630 cash from investors and issued common stock to them. purchased $2,000 in equipment, paying $700 cash and promising the rest on a note due in one year. paid $800 cash for supplies. bought and received $1,200 of supplies on account. prepare a classified balance sheet for spotlighter, inc., as of january 31.

Assets

Current Assets                  Current Liabilities

Cash         9,070                        Account Payable   1,200

Supplies   2,000                      note payable           6,240

Total current 11,070            Equity

Equipment     2,000           Common Stock            5,630

Total   Assets 13,070          Liabilities + Equity    13,070

Explanation:

For the accounts which more than one movement we do T-accounts to find his balance. The rest only got one movement so is not necessary.

       cash

  debit   credit  

4,940

5,630

               700

               800

9,070

  note payable

  debit   credit  

             4,940

             1,300  

            6,240

     supplies

  debit   credit  

   800

 1,200

2,000