Required information

$[$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 $$70,000$ cash from the six investors; each investor was issued $8,400$ shares of common

stock with a par value of $$0\mathrm{.}10$ per share.

b$.$ Signed a five$-$year lease for $$150,000$ for the right to use a building each year.

c$.$ Purchased equipment for use in the business at a cost of $$18,000$; one$-$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 $$120$ per week for cleaning the corporate

offices next year.

e$.$ Received an additional contribution from investors who provided $$3,000$ in cash and land valued at

$$15,000$ in exchange for $1,000$ shares of stock in the company.

$f.$ Lent $$2,500$ to one of the investors, who signed a note due in six months.

g$.$ Bennett Griffin borrowed $$7,000$ for personal use from a local bank, signing a one$-$year note.

Required:

For each of the preceding transactions, record the effects of ttransaction in the appropriate T$-$accounts. $2.$ Required$-$Using the balances in the T accounts fill in the amount following for the accounting equation.