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please answer following Required information E2-9 (Algo) Analyzing the Effects of Transactions in T-Accounts LO2-4 [The following information applies to the questions displayed below] Griftin
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Required information E2-9 (Algo) Analyzing the Effects of Transactions in T-Accounts LO2-4 [The following information applies to the questions displayed below] Griftin Service Company, Incoeporated, was organized by Bennett Griffin and five other investors (that is, six in tota9). The following activities occurred during the year: a. Recelved $80,000 cash from the six investors; each investor was issued 9,400 shares of common stock with a par value of $010 per share. b. Signed a five-year lease for $165,000 for the right to use a bullding each year. c. Purchased equipment for use in the business at a cost of $28,000; one-fourth was poid in cash and the company signed a note for the bolance (due in six months). d. Signed an agreement with a cleaning service to pay $220 per week for cleaning the corporate offices next year. e. Recelved an additional contribution from investors who provided $4,000 in cash and land valued at $25,000 in exchange for 2,000 shares of stock in the company. f. Lent $3,500 to one of the investors, who signed a note due in six months. g. Bennett Griffin borrowed $8.000 for personal use from a local bank, signing a one-year note. E2-9 Part 1 Required: 1. For each of the preceding transactions, record the effects of the transaction in the appropriate T-accounts Step by Step Solution
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