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E2-10 Analyzing the Effects of Transactions in T-Accounts LO2-4Precision Builders Construction Company was incorporated by ChrisStoschek. The following activities occurred during the year:Received from three investors $58,000 cash and land valued at$33,000; each investor was issued 1,000 shares of common stock witha par value of $0.10 per share. Purchased construction equipmentfor use in the business at a cost of $53,000; one-fourth was paidin cash and the company signed a note for the balance (due in sixmonths). Lent $3,000 to one of the investors who signed a note duein six months. Chris Stoschek purchased a truck for personal use;paid $6,900 down and signed a one-year note for $31,500. Paid$21,500 on the note for the construction equipment in (b) (ignoreinterest). Required: 1. Create T-accounts for the followingaccounts: Cash, Notes Receivable, Equipment, Land, Notes Payable,Common Stock, and Additional Paid-in Capital. Beginning balancesare $0. For each of the preceding transactions, record the effectsof the transaction in the appropriate T-accounts. Include goodreferencing for each T-account.