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Business, 13.10.2020 05:01, hopecastillo83098
Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year:
a. Received $77,000 cash from the six investors; each investor was issued 9,100 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 $25,000; 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 $190 per week for cleaning the corporate offices next year.
d. Received an additional contribution from investors who provided $3,700 in cash and land valued at $22,000 in exchange for 1,700 shares of stock in the company.
e. Lent $3,200 to one of the investors, who signed a note due in six months.
f. Bennett Griffin borrowed $7,700 for personal use from a local bank, signing a one-year note.
Required:
For each transactions, record the effects of the transaction in the appropriate T-accounts.
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Answers: 3
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Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The follow...
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