a. Received $68,000 cash from the managers; each was issued 2,000 shares of common stock. b. Purchased equipment for use in the business at a cost of $14,400; 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 $120 per week for cleaning the corporate offices, beginning next year. d. Conor Mulkeen borrowed $25,000 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 Debit Credit Beginning Balance. 68,000 a b Ending Balance Equipment Debit Credit Beginning Balance b. 14,400 3,600 64,400 Ending Balance 14.400 Notes Payable Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance [b. 10,800 68,000