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please help check my work Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year:
please help check my work
Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year: a. Received $77,000 cash from the six investors; each investor was issued 9,100 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 $25,000; 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 $190 per week for cleaning the corporate offices next year. d. Received an additional contribution from investors who provided $3,700 in cash and land valued at $22,000 in exchange for 1,700 shares of stock in the company. e. Lent $3,200 to one of the investors, who signed a note due in six months. f. Bennett Griffin borrowed $7,700 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. Cash Notes Receivable 0 Beg. Bal. 0 Beg. Bal. (a) (0) 3,200 77,000 3,700 6,250 (6) 3,200 (e) (d) End. Bal. 71,250 End. Bal. 3,200 Land Equipment 0 0 Beg. Bal. (b) Beg. Bal. (d) 25,000 22,000 End. Bal. 25,000 End. Bal. 22,000 Notes Payable Common Stock 0 0 Beg. Bal. (b) Beg. Bal. (a) 18,750 5,460 (d) 170 End. Bal. 18,750 0 End. Bal. 5,630 0 Additional Paid-in Capital 0 Beg. Bal. ((a) 71,540 25,530 (d) End. Bal. 97,070 0 Required: 1. For each of the preceding transactions, record the effects of the transaction in the appropriate T-accounts. Answer is not complete. Cash Notes Receivable Beg. Bal. 0 Beg. Bal. 0 (a) 6,250 (b) 3,200 77,000 3,700 (d) 3,200 (e) End. Bal. 71,250 End. Bal. 3,200 Land Beg. Bal. Equipment 0 25,000 Beg. Bal. 0 (b) (d) 3 22,000 End. Bal. 25,000 End. Bal 22,000 Notes Payable Common Stock 0 0 Beg. Bal. (b) Beg. Bal. (a) X 18,750 X 5,460 X (d) x 170 X End. Bal. 18,750 0 End. Bal. 5,630 0 Additional Paid-in Capital 0 Beg. Bal. (a) x 71,540 X (d) x 25,530 X End. Bal. 97,070 0 Prey 4 5 of 5 HI ScoreStep by Step Solution
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