[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:

Received $70,000 cash from the six investors; each investor was issued 8,400 shares of common stock with a par value of $0.10 per share.

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

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).

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

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.

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

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

Required:

1. For each of the preceding transactions, record the effects of the transaction in the appropriate T-accounts.

-Cash

- Notes Receivable

- Equipment

- Land

- Operating Lease Rights of Use Assets

- Notes Payable

- Long term Lease Liabilities

- Common Stock

- Additional paid In Capital