Griffin Service Company, Incorporated, was organized by Bennett Griffin and five other investors $($that is$,$ six in total$).$ The

following activities occurred during the year:

a$.$ Received $$89,000$ cash from the six investors; each investor was issued $10,300$ shares of common stock with a par

value of $$0\mathrm{.}10$ per share.

b$.$ Signed a five$-$year lease for $$178,500$ for the right to use a building each year.

c$.$ Purchased equipment for use in the business at a cost of $$37,000$; one$-$fourth was paid in cash and the company

signed a note for the balance $($due in six months$).$

d$.$ Signed an agreement with a cleaning service to pay $$310$ per week for cleaning the corporate offices next year.

e$.$ Received an additional contribution from investors who provided $$4,900$ in cash and land valued at $$34,000$ in

exchange for $2,900$ shares of stock in the company.

$f.$ Lent $$4,400$ to one of the investors, who signed a note due in six months.

g$.$ Bennett Griffin borrowed $$8,900$ for personal use from a local bank, signing a one$-$year note.

E$2-9$ Part $1$

Required:

For each of the preceding transactions, record the effects of the transaction in the appropriate T$-$accounts. Operating Lease Right$-$of$-$Use Assets Notes Payable

Debit Credit Debit Credit

Beginning Balance $0$ Beginning Balance $0$

Ending Balance Ending Balance

Long$-$term Lease Liabilities Common Stock

Debit Credit Debit Credit

Beginning Balance $0$ Beginning Balance $0$

Ending Balance Ending Balance

Additional Paid$-$in Capital

Debit Credit

Beginning Balance $0$

Ending BalanceE$2-9$ Part $1$

Required:

For each of the preceding transactions, record the effects of the transaction in the appropriate T$-$accounts.