Question

Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year a. Received $88,000 cash from the six investors; each investor was issued 10,200 shares of common stock with a par value of $0.20 per share. b. Purchased equipment for use in the business at a cost of $36,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). c. Signed an agreement with a cleaning service to pay $300 per week for cleaning the corporate offices next year. d. Received an additional contribution from investors who provided $4,800 in cash and land valued at $33,000 in exchange for 2,800 shares of stock in the company. e. Lent $4,300 to one of the investors, who signed a note due in six months. f. Bennett Griffin borrowed $8,800 for personal use from a local bank, signing a one-year note.

Answer 1

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