Speedy Service Company, Incorporated, was incorporated by Daisy Williams and five other managers. The following activities occurred during the year:

Received $$60,000$ cash from the managers; each was issued $1,000$ shares of common stock.

Purchased equipment for use in the business at a cost of $$12,000$; one$-$fourth was paid in cash and the company signed a note for the balance $($due in six months$).$

Signed an agreement with a cleaning service to pay it $$120$ per week for cleaning the corporate offices, beginning next year.

Daisy Williams borrowed $$10,000$ for personal use from a local bank, signing a one$-$year note.