Homework Answers
| Cash | Notes receivable | |||||||
| Ref. | Debit | Credit | Balance | Ref. | Debit | Credit | Balance | |
| Beg. Bal. | 0 | Beg. Bal. | 0 | |||||
| a. | 77000 | 77000 | e. | 3200 | 3200 | |||
| b. (25000*1/4) | 6250 | 70750 | ||||||
| d. | 3700 | 74450 | ||||||
| e. | 3200 | 71250 | ||||||
| Equipment | Land | |||||||
| Ref. | Debit | Credit | Balance | Ref. | Debit | Credit | Balance | |
| Beg. Bal. | 0 | Beg. Bal. | 0 | |||||
| b. | 25000 | 25000 | d. | 22000 | 22000 | |||
| Notes payable | Common stock | |||||||
| Ref. | Debit | Credit | Balance | Ref. | Debit | Credit | Balance | |
| Beg. Bal. | 0 | Beg. Bal. | 0 | |||||
| b. (25000*3/4) | 18750 | 18750 | a. (9100*0.10) | 910 | 910 | |||
| d. (1700*0.10) | 170 | 1080 | ||||||
| Additional paid-in capital | ||||||||
| Ref. | Debit | Credit | Balance | |||||
| Beg. Bal. | 0 | |||||||
| a. 77000-(9100*0.10) | 76090 | 76090 | ||||||
| d. 3700+22000-(1700*0.10) | 25530 | 101620 | ||||||
| No entry required for ( c) since mere signing of an agreement will not be considered as a transaction | ||||||||
| No entry required for ( d) since the borrowing is for personal purpose | ||||||||
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Required information [The following information applies to the questions displayed below.) Granger Service Company, Inc., was...
[The following information applies to the questions displayed below. Granger Service Company, Inc., was organized by...
[The following information applies to the questions displayed below. Granger Service Company, Inc., was organized by Ted Granger and five other investors. The following activities occurred during the year: a. Received $71,000 total cash from the six investors; each investor was issued 8,500 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 $19,000; one-fourth was paid in cash and the company signed a note for...
Required information [The following information applies to the questions displayed below.] Griffin Service Company, Inc., was...
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Required information (The following information applies to the questions displayed below.) Griffin Service Company, Inc., was...
Required information (The following information applies to the questions displayed below.) 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...
Required information [The following information applies to the questions displayed below. Griffin Service Company, Inc., was...
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Required information [The following information applies to the questions displayed below.) Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year: a. Received $81,000 cash from the six investors; each investor was issued 9,500 shares of common stock with a par value of $0.10 per share. b. Purchased equipment for use in the business at a cost of $29,000; one-fourth was paid in cash and the company signed a note...
Griffin Service Company INC 0 Required information (The following information applies to the questions displayed below.)...
Griffin Service Company INC
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Required information [The following information applies to the questions displayed below.) 2 Griffin Service Company, Inc.,...
Required information [The following information applies to the questions displayed below.) 2 Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year: a. Received $89,000 cash from the six investors, each investor was issued 10,300 shares of common stock with a par value of $0.10 per share. b. Purchased equipment for use in the business at a cost of $37,000; one-fourth was paid in cash and the company signed a...
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Required information [The following information applies to the questions displayed below.) Mulkeen Service Company, Inc., was...
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[The following information applies to the questions displayed below. Granger Service Company, Inc., was organized by Ted Granger and five other investors. The following activities occurred during the year: a. Received $71,000 total cash from the six investors; each investor was issued 8,500 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 $19,000; one-fourth was paid in cash and the company signed a note for...
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Griffin Service Company INC
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Required information [The following information applies to the questions displayed below.) 2 Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year: a. Received $89,000 cash from the six investors, each investor was issued 10,300 shares of common stock with a par value of $0.10 per share. b. Purchased equipment for use in the business at a cost of $37,000; one-fourth was paid in cash and the company signed a...
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