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Required information E2-9 (Algo) Analyzing the Effects of Transactions in T-Accounts LO2-4 [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. Received $84,000 cash from the six investors; each investor was issued 9,800 shares of common stock with a par value of $0.20 per share. b. Signed a five-year lease for $171,000 for the right use a building each year. c. Purchased equipment for use in the business at a cost of $32,000; 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 pay $260 per week for cleaning the corporate offices next year. e. Received an additional contribution from investors who provided $4,400 in cash and land valued at $29,000 in exchange for 2,400 shares of stock in the company. f. Lent $3,900 to one of the investors, who signed a note due in six months. g. Bennett Griffin borrowed $8,400 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 Credit 0 84,000 84,000 Equipment Credit 0 Operating Lease Right-of-Use Assets Debit Credit 0 171,000 171,000 Debit Beginning Balance (a) Ending Balance Beginning Balance Ending Balance Beginning Balance (b) Ending Balance Debit Debit Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Debit Notes Receivable 0 Land 0 Notes Payable 0 Credit Credit Credit Debit Beginning Balance Ending Balance Beginning Balance Ending Balance Debit Long-term Lease Liabilities Additional Paid-in Capital Credit 0 0 Credit Debit Beginning Balance Ending Balance Common Stock 0 Credit