Mulkeen Service Company Inc was incorporated by Conor

Mulkeen and #2669

Mulkeen Service Company, Inc. was incorporated by Conor Mulkeen and five other managers.
The following activities occurred during the year:a. Received $ 60,000 cash from the managers;
each was issued 1,000 shares of common stock.b. Purchased equipment for use in the
business at a cost of $ 12,000; one- fourth was paid in cash and the company signed a note for
the balance (due in six months).c. Signed an agreement with a cleaning service to pay it $ 120
per week for cleaning the corporate offices, beginning next year.d. Conor Mulkeen borrowed $
10,000 for personal use from a local bank, signing a one- year note.Required:1. Create T-
accounts for the following accounts: Cash, Equipment, Note Payable, and Common Stock.
Beginning balances are zero. For each of the above transactions, record its effects in the
appropriate T- accounts. Include referencing and totals for each T- account.2. Using the
balances in the T- accounts, fill in the following amounts for the accounting equation: Assets
$______ = Liabilities $______ + Stockholders’ Equity $______3. Explain your response to
events (c) and (d).View Solution:
Mulkeen Service Company Inc was incorporated by Conor Mulkeen and

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