Saved Help Save & Exit "CYM CURRICULUI E2-9 (Algo) Analyzing the Effects of Transactions in T-Accounts LO 2-4 [The following information applies to the questions displayed below.) Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year. a. Received $81,000 cash from the six investors, each investor was issued 9,500 shares of common stock with a par value of $0.10 per share. b. Purchased equipment for use in the business at a cost of $29,000; 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 $230 per week for cleaning the corporate offices next d. Received an additional contribution from investors who provided $4,100 in cash and land valued at $26,000 in exchange for 2,100 shares of stock in the company. e. Lent $3,600 to one of the investors, who signed a note due in six months. f. Bennett Griffin borrowed $8,100 for personal use from a local bank, signing a one-year note. year. 2-9 Part 1 quired: For each of the preceding transactions, record the effects of the transaction in the appropriate T-accounts. Notes Receivable Cash Ren Ral 0 120 Saved Required information Land Equipment 0 Beg. Bal. Beg. Bal. 0 End. Bal. End. Bal. Notes Payable Common Stock Beg. Bal. 0 Beg. Bal. End. Bal. End. Bal. Additional Paid-in Capital 0 Beg. Bal. End. Bal. Cash Notes Receivable 0 0 Beg. Bal. Beg. Bal. End. Bal. End. Bal. Land Equipment 0 0 Beg. Bal Beg. Bal. End. Bal. End. Bal. Common Stock Notes Payable 0 0 Beg. Bal. Beg. Bal. End. Bal. End. Bal. of 10 E D Next >