E2-8 (Static) Analyzing the Effects of Transactions in T-Accounts [LO 2-2, LO 2-3, LO 2-5) [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 $60,000 cash from the managers, each was issued 1,000 shares of common stock b. Purchased equipment for use in the business at a cost of $12,000; 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 $120 per week for cleaning the corporate offices, beginning next year d. Conor Mulkeen borrowed $10,000 for personal use from a local bank, signing a one-year note E2-8 (Static) Part 1 os Required: 1. For each of the above transactions, record its effects in the appropriate Taccounts. Assume all beginning balances are zero. Cash Equipment Credit Credit Debit Beginning Balance Debit Beginning Balance 0 50.000 Ending Balance 60,000 Ending Balance E2-8 (Static) Part 1 Required: 1. For each of the above transactions, record its effects in the appropriate T-accounts. Assume all beginning balances are Cash Equipment Credit Credit Debit Beginning Balance Debit Beginning Balance 0 60,000 Ending Balance 60,000 Ending Balance Notes Payable Common Stock Credit Credit Debit Beginning Balance Dobit Beginning Balance Ending Balance Ending Balance