5 Part 1 of 3 Required information [The following information applies to the questions displayed below] Mulkeen Service Company, Incorporated, was incorporated by Conor Mulkeen and five other managers. The following activities occurred during the year. a. Received $54,000 cash from the managers; each was issued 1,400 shares of common stock. b. Purchased equipment for use in the business at a cost of $10,200; 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 it $85 per week for cleaning the corporate offices, beginning next year. d. Conor Mulkeen borrowed $18,000 for personal use from a local bank, signing a one-year note. Required: 1. For each of the above transactions, record its effects in the appropriate T-accounts. Assume all beginning balances are zero. Cash Equipment Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Notes Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance 5 Part 1 of 3 Required information [The following information applies to the questions displayed below] Mulkeen Service Company, Incorporated, was incorporated by Conor Mulkeen and five other managers. The following activities occurred during the year. a. Received $54,000 cash from the managers; each was issued 1,400 shares of common stock. b. Purchased equipment for use in the business at a cost of $10,200; 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 it $85 per week for cleaning the corporate offices, beginning next year. d. Conor Mulkeen borrowed $18,000 for personal use from a local bank, signing a one-year note. Required: 1. For each of the above transactions, record its effects in the appropriate T-accounts. Assume all beginning balances are zero. Cash Equipment Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Notes Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance