Mulkeen Service Company, Incorporated, was incorporated by Conor Mulkeen and five other managers. The following activities occurred during the year:

Received $50,000 cash from the managers; each was issued 1,400 shares of common stock.

Purchased equipment for use in the business at a cost of $9,000; 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 it $75 per week for cleaning the corporate offices, beginning next year.

Conor Mulkeen borrowed $16,000 for personal use from a local bank, signing a one-year note.

2) Using the balances in the T-accounts, fill in the following amounts for the accounting equation:

1. For each of the above transactions, record its effects in the appropriate T-accounts. Assume all beginning balances are zero