Question

hao123 3 60 The Ship Model Home 1.700 Modern RN. Naval Analyes Pa tel Required information E2-9 (Algo) Analyzing the Effects of Transactions in T-Accounts LO2.4 (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 $79,000 cash from the six investors, each investor was issued 9,300 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 $27,000, 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 $210 per week for cleaning the corporate offices next year d. Received an additional contribution from investors who provided $3,900 in cash and land valued at $24,000 in exchange for 1,900 shares of stock in the company e. Lent $3,400 to one of the investors, who signed a note due in six months f. Bennett Griffin borrowed $7.900 for personal use from a local bank, signing a one-year note. E2-9 Part 1 Required: 1. For each of the preceding transactions, record the effects of the transaction in the appropriate T-accounts.