Granger Service Company, Inc., was organized by Ted Granger and five other investors. The following activities occurred during the year: a. Received $71,000 total cash from the six investors; each investor was issued 8,500 shares of common stock with a par value of $0.20 per share.
b. Purchased equipment for use in the business at a cost of $19,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). Signed an agreement with a cleaning service to pay $130 per week for cleaning the corporate offices next year.
c. Received an additional contribution from investors who provided $3,100 in cash and land valued at $16,000 in exchange for 1,100 shares of stock in the company.
d. Lent $2,600 to one of the investors who signed a note due in six months. Ted Granger borrowed $7,100 for personal use from a local bank, signing a one-year note.

Required:
Create T-accounts for the above accounts.

Granger Service Company, Inc.

T-accounts

Cash

Accounts Titles          Debit       Credit

Common stock          $10,200

APIC - common stock 60,800                  

Equipment                                  $4,750

Common stock             2,200

APIC - common stock     900

Notes Receivable                       2,600

Notes Receivable

Accounts Titles          Debit       Credit

Cash                          $2,600

Common Stock

Accounts Titles          Debit       Credit

Cash                                            $10,200

Cash                                               2,200

Additional Paid-in Capital

Accounts Titles          Debit       Credit

Cash                                            $60,800

Cash                                                   900

Land                                               16,000

Land

Accounts Titles          Debit       Credit

APIC - common stock $16,000

Equipment

Accounts Titles          Debit       Credit

Cash                          $4,750

Notes payable           14,250

Notes payable

Accounts Titles          Debit       Credit

Equipment                                 $14,250

Explanation:

The T-accounts consist of account titles at the top horizontal line,  a debit column, and a credit column.   It may also look exactly like the letter T.  Otherwise, in modern time, T-accounts are no longer presented in the form of the letter T.  They are now presented in columnar formats, as shown above.

answer; work samples;

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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