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Saved Ces Harrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: a. Received
Saved Ces Harrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: a. Received $69,600 cash from the managers; each was issued 1,160 shares. b. Purchased equipment for use in the business at a cost of $44,000; 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 it $600 per week for cleaning the corporate offices, beginning next week. d. lan Harrigan borrowed $18,000 for personal use from a local bank, signing a one-year note. Required: 1. Create T-accounts for the following accounts: Cash, Equipment, Note Payable, and Contributed Capital. Beginning balances are zero. For each of the above transactions, record its effects in the appropriate T-accounts. Include referencing and totals for each T- account. htmi Beg bal. Cash 0 End bal re to search Note Payable 1340 Wk 3 F20 Pr....docx O Beg bal. Equipment 0 End bal. Contributed Capital thill ebc6e.ppt 06.ppt < Prey 2 of 3 Next > 1340 Wd Choice.pptx
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