Hello, I need help with these T-Charts and an explanation of the debits and credits. DebitBeginning BalanceEnding BalanceAdditional Paid-in Capital0Credit Required information[The following information applies to the questions displayed below.]Griffin Service Company, Incorporated, was organized by Bennett Griffin and five other investors (that is, six in total). Thefollowing activities occurred during the year:a. Received $72,000 cash from the six investors; each investor was issued 8,600 shares of common stock with a parvalue of $0.10 per share.b. Signed a five-year lease for $153,000 for the right to use a building each year.c. Purchased equipment for use in the business at a cost of $20,000; one-fourth was paid in cash and the companysigned a note for the balance (due in six months).d. Signed an agreement with a cleaning service to pay $140 per week for cleaning the corporate offices next year.e. Received an additional contribution from investors who provided $3,200 in cash and land valued at $17,000 inexchange for 1,200 shares of stock in the company.f. Lent $2,700 to one of the investors, who signed a note due in six months.g. Bennett Griffin borrowed $7,200 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.DebitBeginning Balance(a)Ending BalanceDebitBeginning Balance(c)Ending BalanceBeginning BalanceEnding BalanceDebitBeginning BalanceCashEnding Balance072,00067,000Equipment020,000Operating Lease Right-of-Use AssetsDebitCredit20,0000153,000153,0005,000 (c)CreditLong-term Lease Liabilities0CreditCreditBeginning BalanceEnding BalanceEnding BalanceDebitBeginning BalanceEnding BalanceDebitBeginning BalanceEnding BalanceDebitDebitBeginning BalanceNotes Receivable0Land0Notes PayableCommon Stock00CreditCreditCreditCredit

The transactions in the t accounts are transferred from he general journal prepared by the company.…

Answered: Debit Additional Paid-in Capital Credit

Business

Accounting

Debit Additional Paid-in Capital Credit

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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