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Mulkeen Service Company, Incorporated, was incorporated by Conor Mulkeen and five other managers. The following...

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Accounting

Mulkeen Service Company, Incorporated, was incorporated by Conor Mulkeen and five other managers. The following activities occurred during the year:

Received $78,000 cash from the managers; each was issued 2,200 shares of common stock.

Purchased equipment for use in the business at a cost of $17,400; 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 it $145 per week for cleaning the corporate offices, beginning next year.

Conor Mulkeen borrowed $30,000 for personal use from a local bank, signing a one-year note.

Required:

For each of the above transactions, record its effects in the appropriate T-accounts. Assume all beginning balances are zero.image

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