E2-9 Analyzing the Effects of Transactions in T-Accounts LO 2-4 [The following information applies to the questions displayed below. Granger Service Company, Inc., was organized by Ted Granger and five other investors. The following activities occurred during the year: a. Received $75,000 total cash from the six investors; each investor was issued 8,900 shares of common stock with a par value of $0.10 per share. b. Purchased equipment for use in the business at a cost of $23,000; 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 $170 per week for cleaning the corporate offices next year. d. Received an additional contribution from investors who provided $3,500 in cash and land valued at $20,000 in exchange for 1,500 shares of stock in the company. e. Lent $3,000 to one of the investors who signed a note due in six months. f. Ted Granger borrowed $7,500 for personal use from a local bank, signing a one-year note. References Section Break E2-9 Analyzing the Effects of Transactions in T- Accounts LO2-4 value 10.00 points E2-9 Part 1 Required: 1. Create T-accounts for the following accounts: Cash, Notes Receivable, Equipment, Land, Notes Payable, Common Stock, and Additional Paid-in Capital. Beginning ba X Answer is not complete. Cash 0 Beg. Bal. (a) (d) Beg. Bal. (e) Notes Receivable 0 3,000 75,000 3,500 5,750 (b) 3,000(e) End. Bal. 69,750 End. Bal. 3,000 Land Equipment 0 Beg. Bal. Beg. Bal. (b) 0 20,000 23,000 End. Bal. 23,000 End. Bal. 20,000 Notes Payable Common Stock Beg. Bal. 0 Beg. Bal. 17,250 (6) > 0 890 (a) 150 (d) End. Bal. 17,250 End. Bal. 1,040 Additional Paid-in Capital 0 Beg. Bal. 74,110 X (a) 23,350 (d) End. Bal. 97,460