Ama [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. Gram Invested $40,500 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 $1,880 of office equipment on credit. 5 The company paid $780 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,300 cash. 12 The company provided $2,700 of consulting services for a client on credit. 15 The company paid $740 cash for an assistant's salary for the first half of this month. 20 The company received $2,700 cash payment for the services provided on May 12. 22 The company provided $4,000 of consulting services on credit. 25 The company received $4,000 cash payment for the services provided on May 22. 26 The company paid $1,880 cash for the office equipment purchased on May 3. 27 The company purchased $85 of advertising in this month's (May) local paper on credit; cash payment is due June 1. 28 The company paid $740 cash for an assistant's salary for the second half of this month. 30 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 $1,800 cash in dividends to the owner (sole shareholder). Required: 2. Enter the amount of each transaction on individual items of the accounting equation. Do not determine new account balances after each transaction. (Enter the transactions in the given order. Enter reductions to account balances with a minus sign.) + Assets Accounts Receivable Equity Date Cash Office Equipment Liabilities Accounts Payable Common Stock Dividends + Revenues May Expenses 1 + 1 + + 3 + 5 IIIIII II 8 + + 12 15 + 20 22 25 + + 26 27 + IIIIIIIIIIIIII 28 + 30 30 31 +++ + + $ 0 + $ 0 + $ 0 11 $ 0 + $ 0 $ 0 + $ 0 $ 0 3-a. Prepare income statement for May. THE GRAM CO. Income Statement For Month Ended May 31 Revenues: Expenses Total expenses 0 3-a. Prepare income statement for May. THE GRAM CO. Income Statement For Month Ended May 31 Revenues: Accounts receivable Advertising expense Cleaning expense Consulting services revenue Land Total expenses 0 3-b. Prepare statement of retained earnings for May. THE GRAM CO. SEP 12 3-b. Prepare statement of retained earnings for May. THE GRAM CO. Statement of Retained Earnings For Month Ended May 31 Retained earnings, May 1 0 Add: Dividends $ 0 Add: Net income Add: Net loss 3-c. Prepare Balance Sheet for May 31. THE GRAM CO. Balance Sheet May 31 Assets Liabilities . Accounts payable Accounts receivable quity Cash Common stock Consulting services revenue equity $ 0 Cost of sales - Prepare Balance Sheet for May 31. THE GRAM CO. Balance Sheet May 31 Assets Liabilities Miscellaneous expenses quity Notes payable Office equipment Office supplies equity $ 0 Other expenses El. Prepare statement of cash flows for May. (Cash outflows should be indicated with a minu THE GRAM CO. Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities 3-d. Prepare statement of cash flows for May. (Cash outflows should be indicated with a minu THE GRAM CO. Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities Purchase of equipment Rent expense Selling, general and administrative expenses Telephone expense Utilities expense $ Cash flows from investing activities Cash flows from financing activities 0 $ Cash balance, May 1 Cash balance, May 31 0 $ 0