Business, 29.01.2021 16:50 jaydenromero31
Mulkeen Service Company, Inc., was incorporated by Conor Mulkeen and five other managers. The following activities occurred during the year:
a. Received $48,000 cash from the managers; each was issued 1,200 shares of common stock.
b. Purchased equipment for use in the business at a cost of $8,400; 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 $70 per week for cleaning the corporate offices, beginning next year.
d. Conor Mulkeen borrowed $15,000 for personal use from a local bank, signing a one-year note.
Required:
a. Create T-accounts for the following accounts: Cash, Equipment, Note Payable, and Contributed Capital.
b. Using the balances in the T-accounts, fill in the following amounts for the accounting equation:
Assest $ = Liabilities$ + Stockholders Equity $
c. Explain your response to events (c) and (d).
Answers: 2
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Mulkeen Service Company, Inc., was incorporated by Conor Mulkeen and five other managers. The follow...
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