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Granger Service Company. Inc.. was organized by Ted Granger and five other investors. The following activities occurred during the year: Received $82,000 total cash from
Granger Service Company. Inc.. was organized by Ted Granger and five other investors. The following activities occurred during the year: Received $82,000 total cash from the six investors; each investor was issued 9.600 shares of common stock with a par value of $0.20 per share. Purchased equipment for use in the business at a cost of $30,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). Signed an agreement with a cleaning service to pay $240 per week for cleaning the corporate offices next year. Received an additional contribution from investors who provided $4, 200 in cash and land valued at $27,000 in exchange for 2.200 shares of stock in the company. Lent $3, 700 to one of the investors who signed a note due in six months. Ted Granger borrowed $8.200 for personal use from a local bank, signing a one-year note. Create T-accounts for the following accounts: Cash. Notes Receivable. Equipment. Land. Notes Payable. Common Stock, and Additional Paid-in Capital. Beginning balances are $0. For each of the preceding transactions, record the effects of the transaction in the appropriate T-accounts. Induce good referencing for each T-account. Granger Service Company. Inc.. was organized by Ted Granger and five other investors. The following activities occurred during the year: Received $82,000 total cash from the six investors; each investor was issued 9.600 shares of common stock with a par value of $0.20 per share. Purchased equipment for use in the business at a cost of $30,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). Signed an agreement with a cleaning service to pay $240 per week for cleaning the corporate offices next year. Received an additional contribution from investors who provided $4, 200 in cash and land valued at $27,000 in exchange for 2.200 shares of stock in the company. Lent $3, 700 to one of the investors who signed a note due in six months. Ted Granger borrowed $8.200 for personal use from a local bank, signing a one-year note. Create T-accounts for the following accounts: Cash. Notes Receivable. Equipment. Land. Notes Payable. Common Stock, and Additional Paid-in Capital. Beginning balances are $0. For each of the preceding transactions, record the effects of the transaction in the appropriate T-accounts. Induce good referencing for each T-account
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