E$2-9($Algo$)$ Analyzing the Effects of Transactions in T$-$Accounts LO$2-4$

$[$The following information applies to the questions displayed below.$]$

Griffin Service Company, Incorporated, was organized by Bennett Griffin and five other investors $($that is$,$ six in total$).$ The following activities occurred during the year:

a$.$ Recelved $$82,000$ cash from the six investors; each investor was issued $9,600$ shares of common stock with a par value of $$0\mathrm{.}20$ per share.

b$.$ Signed a five$-$year lease for $$168,000$ for the right to use a building each year.

c$.$ Purchased equipment for use in the business at a cost of $$30,000$; one$-$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 pey $$240$ per week for cleaning the corporate offices next year.

e$.$ Received an additional contribution from investors who provided $$4,200$ in cash and land valued at $$27,000$ in exchange for $2,200$ shares of stock in the company.

$f$ Lent $$3,700$ to one of the investors, who signed a note due in six months.

g$.$ Bennett Griffin borrowed $$8,200$ for personal use from a local bank, signing a one$-$year note.

E$2-9$ Part $1$

Required:

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

$\backslash$table$[[$Notes Recelvable$],[$Deblt$,$Credit$],[\backslash$table$[[$Beginning$],[$Balance$]],0,],[,,],[,,],[$Ending Balance,,$],[,,],[,$Lanc,$],[$Debl$,,$Credit$],[\backslash$table$[[$Beginning$],[$Balance$]],0,],[,,],[$Ending Balance,,$]]$