#1 15 Part 1 of 2 303 points Required information Problem 1-7A (Static) Analyzing transactions and preparing financial statements LO P1, P2 [The following information applies to the questions displayed below] Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gran invested $40,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,890 of equipment on credit. 5 The company paid $750 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,400 cash. 12 The company provided $2,500 of consulting services for a client on credit. 15 The company paid $750 cash for an assistant's salary for the first half of this month. 28 The company received $2,500 cash payment for the services provided on May 12. 22 The company provided $3,200 of consulting services on credit. 25 The company received $3,208 cash payment for the services provided on May 22. 26 The company paid $1,890 cash for the equipment purchased on May 3. 27 The company purchased $80 of equipment on credit. 28 The company paid $750 cash for an assistant's salary for the second half of this month. 38 The company paid $300 cash for this month's telephone bill. 30 The company paid $280 cash for this month's utilities. 31 The company paid $1,400 cash in dividends to the owner (sole shareholder). Problem 1-7A (Static) Part 1 Help Save & Exit Submit Check my work 15 Required information Part 1 of 2 Assets Liabilities Equity Date Cash Accounts Receivable Equipment Accounts Common Payable Stock Dividends . Revenues Expenses Account Tiles for Expenses 8.03 May 1 $40,000+ 40.000 morts 1 (2.200) + 3 . 1,890 1,890 Book 5 (750) . + 2,200 750 B 5,400 + References 12 + 15 20 . 22 . 25 . Mc 26 + 27 28 30 . 30 . + 31 $42,450+ $ 0- $ 1.800 $ 1,890. $ 40,000 $ $ $ 2,950 Prev 15 16 of 33 Next >