Grady Service Company Inc. was organized by Chris Grady and five other investors. The following events occurred during the year:

a.	Received $64,800 cash from the investors; each was issued 1,440 shares.
b.	Purchased equipment for use in the business at a cost of $16,800; one-fourth was paid in cash, and the company signed a note for the balance, payable in six months.
c.	Signed an agreement with a cleaning service to pay it $240 per week for cleaning the corporate offices.
d.	Lent $2,900 to one of the investors, who signed a note due in six months.
e.	Issued shares to additional investors, who contributed $6,400 in cash and a lot of land valued at $15,400.
f.	Paid the amount of the note payable in (b).
g.	Conor Mulkeen borrowed $10,400 for personal use from a local bank and signed a note payable in one year.

Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 7 1 2 3 4 5 6 Record the cash received from investors and shares issued to them Note: Enter debits before credits. Transaction General Journal Debit Credit . Record entry Clear entry View general journal 2. Post the above entries in the below T-accounts for the following accounts: cash, note receivable, equipment, land, note payable, and contributed capital. Beginning balances are zero. For each of the preceding transactions, record the effects of the transaction in the appropriate T-accounts Cash Short-Term Note Receivable Beg. bal Beg. bal C 0 End. bal End. bal Equipment Land Beg. bal. Beg. bal C 0 End. bal. End. bal Short-Term Note Payable Contributed Capital 0 Beg. bal 0 Beg. bal. 0 End. bal. End. bal 3. Using the balances in the T-accounts, fill in the following amounts for the accounting equation: Shareholders' + Assets Liabilities Equity +