Analyzing the Effects of Transactions in T-Accounts Grady Service Company Inc. was organized by Chris Grady and five other investors. The following events occurred during the year:

a. Received \(\$ 63,000\) cash from the investors; each was issued 1,400 shares.

b. Purchased equipment for use in the business at a cost of \(\$ 16,000\); one-fourth was paid in cash, and the company signed a note for the balance, payable in six months.

c. Signed an agreement with a cleaning service to pay it \(\$ 200\) per week for cleaning the corporate offices.

d. Lent \(\$ 2,500\) to one of the investors who signed a note due in six months.

e. Issued shares to additional investors who contributed \(\$ 6,000\) in cash and a lot of land valued at \(\$ 15,000\).

f. Paid the amount of the note payable in (b).
g. Conor Mulkeen borrowed \(\$ 10,000\) for personal use from a local bank and signed a note payable in one year.
Required:
1. Prepare journal entries for each transaction. If an event does not require a journal entry, explain the reason. Use the account titles listed in (2).
2. Create T-accounts for the following accounts: cash, note receivable, equipment, land, note payable, and share capital. Beginning balances are zero. For each of the preceding transactions, record the effects of the transaction in the appropriate T-accounts. Include good referencing and totals for each T-account.
3. Using the balances in the T-accounts, fill in the following amounts for the accounting equation:
Assets \(\\($\)\) \( \qquad \) \(=\) Liabilities \(\\($\)\) \( \qquad \) + Shareholders' Equity \(\\($\)\) \( \qquad \)