Griffin Service Company, Incorporated, was organized by Bennett Griffin and five other investors (that is, six in total). The following activities occurred during the year: a. Received $80,000 cash from the six investors; each investor was issued 9,400 shares of common stock with a par value of $0.10 per share. b. Signed a five-year lease for $165,000 for the right to use a building each year. c. Purchased equipment for use in the business at a cost of $28,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). d. Signed an agreement with a cleaning service to pay $220 per week for cleaning the corporate offices next year. e. Received an additional contribution from investors who provided $4,000 in cash and land valued at $25,000 in exchange for 2,000 shares of stock in the company. f. Lent $3,500 to one of the investors, who signed a note due in six months. g. Bennett Griffin borrowed $8,000 for personal use from a local bank, signing a one-year note. Required: 1. For each of the preceding transactions, record the effects of the transaction in the appropriate T-accounts.

Griffin Service Company, Incorporated, was organized by Bennett Griffin and five other investors (that is, six in total). The following activities occurred during the year: a. Received $80,000 cash from the six investors; each investor was issued 9,400 shares of common stock with a par value of $0.10 per share. b. Signed a five-year lease for $165,000 for the right to use a building each year. c. Purchased equipment for use in the business at a cost of $28,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). d. Signed an agreement with a cleaning service to pay $220 per week for cleaning the corporate offices next year. e. Received an additional contribution from investors who provided $4,000 in cash and land valued at $25,000 in exchange for 2,000 shares of stock in the company. f. Lent $3,500 to one of the investors, who signed a note due in six months. g. Bennett Griffin borrowed $8,000 for personal use from a local bank, signing a one-year note. Required: 1. For each of the preceding transactions, record the effects of the transaction in the appropriate T-accounts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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