7 art 2 of 2 09 pints [The following information applies to the questions displayed below.] Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company complete the following transactions during its first month of operations. May 1 Gabi Gram invested $40,000 cash in the company. May 1 The company rented a furnished office and paid $2,200 cash for May's rent. May 3 The company purchased $1,890 of equipment on credit. May 5 The company paid $750 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,400 cash. May 12 The company provided $2,500 of consulting services for a client on credit. received $2,500 cash payment for the services provided on May 12. provided $3,200 of consulting services on credit. May 15 The company paid $750 cash for an assistant's salary for the first half of this month. May 20 The company May 22 The company May 25 The company received $3,200 cash payment for the services provided on May 22. May 26 The company paid $1,890 cash for the equipment purchased on May 3. May 27 The company purchased $80 of equipment on credit. May 28 The company paid $750 cash for an assistant's salary for the second half of this month. May 30 The company paid $300 cash for this month's telephone bill. May 30 The company paid $280 cash for this month's utilities. May 31 Gabi Gram withdrew $1,400 cash from the company for personal use. Problem 1-7A (Static) Part 2 and 3 2-a. Prepare the income statement for May. 2-b. Prepare the statement of owner's equity for May. 2-c. Prepare the balance sheet for May 31. 3. Prepare the statement of cash flows for May.