Seved Required information E2-9 (Algo) Analyzing the Effects of Transactions in T-Accounts LO 2-4 The following information applies to the questions displayed below. Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year: a. Received $76,000 cash from the six investors; each investor was issued 9,000 shares of common stock with a par value of $0.20 per share. b. Purchased equipment for use in the business at a cost of $24,000; 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 $180 per week for cleaning the corporate offices next year, d. Received an additional contribution from investors who provided $3,600 in cash and land valued at $21,000 in exchange for 1,600 shares of stock in the company, o. Lent $3,100 to one of the investors, who signed a note due in six months, 1. Bennett Griffin borrowed $7,600 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 28 Saved Saved DARIA 2 Required information Cash Notes Receivable t 1 of 2 Beg. Bal. 0 Beg. Bal. 0 33 End. Bal. End. Bal. kopped Equipment Land Beg. Bal. 0 Beg. Bal. 0 Book End. Bal. End. Bal Hint Notes Payable Common Stock Beg. Bal 0 Print Beg. Bat. 0 erences End. Bal. End. Bal. Additional Paid-in Capital Beg. Bal. Saved Hel Required information E2-9 (Algo) Analyzing the Effects of Transactions in T-Accounts LO 2-4 [The following information applies to the questions displayed below.) Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year: a. Received $76,000 cash from the six investors; each investor was issued 9,000 shares of common stock with a par value of $0.20 per share. b. Purchased equipment for use in the business at a cost of $24,000; 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 $180 per week for cleaning the corporate offices next year, d. Received an additional contribution from investors who provided $3,600 in cash and land valued at $21000 in exchange for 1,600 shares of stock in the company. e. Lent $3,100 to one of the investors, who signed a note due in six months. 1. Bennett Griffin borrowed $7,600 for personal use from a local bank, signing a one-year note. E2-9 Part 2 2. Using the balances in the T-accounts, fill in the following amounts for the accounting equation Lablities + Stockholders' Equity
