! Required information E2-8 (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) Mulkeen Service Company, Incorporated, was incorporated by Conor Mulkeen 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. Conor Mulkeen borrowed $10,000 for personal use from a local bank, signing a one-year note. E2-8 (Static) Part 1 Required: 1. For each of the above transactions, record its effects in the appropriate T-accounts. Assume all beginning balances are zero Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. R E2-8 (Static) Part 1 Required: 1. For each of the above transactions, record its effects in the appropriate T-accounts. Assume all beginning balances are zero. Cash Answer is not complete. Equipment Debit Beginning Balance 0 D 12,000 20 Credit O Credit O Debit Beginning Balance a. O 50,000 3,000D . 12.000 Ending Balance 57.000 Ending Balance Common Stock Notes Payable Credit Debit Beginning Balance Debit Beginning Balance 0 Credit o 9,000 . O 60,000 > 60.000 9,000 Ending Balance Ending Balance