Required information

E$2-8($Static$)$ Analyzing the Effects of Transactions in T$-$Accounts $[$LO $2-2,$ LO $2-3,$ LO $2-5]$

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

Speedy Service Company, Incorporated, was incorporated by Daisy Williams and five other managers. The following

activities occurred during the year:

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

b$.$ 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$).$

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

year.

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

E$2-8($Static$)$ Part $2$

Required:

Using the balances in the T$-$accounts, fill in the following amounts for the accounting equation: