Griffin Service Company INC

0 Required information (The following information applies to the questions displayed below.) Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year a. Received $86,000 cash from the six investors; each investor was issued 10,000 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 $34,000; 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 $280 per week for cleaning the corporate offices next year. d. Received an additional contribution from investors who provided $4,600 in cash and land valued at $31,000 in exchange for 2,600 shares of stock in the company, e. Lent $4,100 to one of the investors, who signed a note due in six months. 1. Bennett Griffin borrowed $8,600 for personal use from a local bank, signing a one-year note. Required: 1. For each of the preceding transactions, record the effects of the transaction in the appropriate T-accounts. Cash o Notes Receivable 0 Beg. Bal Beg. Bal End. Bal. End. Bal. Beg. Bal. Beg. Bal. O End. Bal. End. Bal. Equipment Land Beg. Bal. Beg. Bal. 0 End. Bal. End. Bal. Notes Payable Common Stock Beg. Bal. 0 Beg. Bal. 0 End. Bal. End. Bal. Additional Paid-in Capital 0 Beg. Bal. End. Bal