B

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 $$50,000$ 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 $$9,000$; one$-$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 it $$75$ per week for cleaning the corporate offices, beginning next year.

d$.$ Conor Mulkeen borrowed $$16,000$ for personal use from a local bank, signing a one$-$year note.

$$equired:

For each of the above transactions, record its effects in the appropriate T$-$accounts. Assume all beginning balances are zero.

$\backslash$table$[[$Cash$,,],[$Debit$,$Credit,$],[$Beginning Balance,,,$],[,,,],[,,,],[$Ending Balance,,,$]]$

$\backslash$table$[[$Notes Payable,$],[$Debit$,]]$