Required information E2-9 (Algo) Analyzing the Effects of Transactions in T-Accounts LO2-4 [The following information applies to the questions displayed below.] 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 $88,000 cash from the six investors; each investor was issued 10,200 shares of common stock with a par value of $0.20 per share. b. Signed a five-year lease for $177,000 for the right to use a building each year. c. Purchased equipment for use in the business at a cost of $36,000; 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 $300 per week for cleaning the corporate offices next year. e. Received an additional contribution from investors who provided $4,800 in cash and land valued at $33,000 in exchange for 2,800 shares of stock in the company. f. Lent $4,300 to one of the investors, who signed a note due in six months. g. Bennett Griffin borrowed $8,800 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 Credit 0 88,000 4,800 92,800 Equipment Credit 0 36,000 36,000 Operating Lease Right-of-Use Assets Debit Credit 0 177,000 177,000 Long-term Lease Liabilities Debit Beginning Balance (a) [(e) Ending Balance Beginning Balance (C) Ending Balance Beginning Balance (b) Ending Balance Debit Debit Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Debit Notes Receivable 0 Land 0 33,000 33,000 Notes Payable Common Stock 0 Credit Credit Credit