Required information [The following information applies to the questions displayed below] Gabl Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations. May 1 G. Gram invested $40,000 cash in the company in exehange for ita common stock. May 1 The company rented a furnizbed offioe and paid $2,400 cash for May'u reat, May 3 The company purchaned $1,880 of equiptrent on credit. May 5 The company pald $740 cash for this nonth's oleaning services. May 8 . The company provided consulting services for a olient and immediately collected $6,000 canh. Hay 12 The company provided $2,500 of consulting aervices for a olient on credit. May 15 The company pald $710 cash for an ansistant's salary for the first half of this month. May 20 The company received $2,500 cash payment for the services provided on May 12. May 22 The conpany provided $3,800 of consulting servicen on credit. May 25 The company recelved $3,800 cash payment for the aervices provided on May 22. May 26 The company paid $1,880 cash for the equipment purehased on May 3. May 27 The company purchaned $85 of equipment on eredit. May 28 The company paid $710 cash for an assistaat's salary for the second halt of this month. May 30 The company paid $350 oaah for thi month' i telephone bil1. May 30 The company paid $260 caoh for this month' utilities. May 31 The conpany paid $2,000 cath in dividends to the owner (sole shareholder). Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Note; Enter the transactions in the given order. Enter reductions to account balances with a minus sign, Select "NA" for account titles if the transaction does not include an expense. Required information [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 completed the following transactions during its first month of operations. May 1 G. Gram invested $40,000 cash in the company in exchange for its common stock. May 1 The company rented a furnished office and paid $2,400 cash for May's rent, May 3 The company purchased $1,880 of equipment on credit. May 5 The company paid $740 cash for this month's cleaning services. May 8 The company provided consulting wervicea for a olient and immediately collected $6,000 canh. May 12 The company provided $2,500 of consulting services for a client on credit. May 15 The company paid $710 cash for an assiatant' i salary for the flrst half of thin month. May 20 The eompany received $2,500 eanh paycent for the sorvices provided on May 12 . May 22 The company provided $3,800 of conaulting services on eredit. Nay 25 The company received $3,800 cash payment for the services provided on May 22. May 26 The company paid $1,880 cash for the equipment purchased on May 3. May 27 The company purchased $85 of equipment on credit. May 28 The company paid $710 cash for an assistant's salary for the second half of thi wonth. May 30 The company paid $350 cash for this month'i telephone bil1. Nay 30 The company paid $260 cash for this month's utilities. May 31 The company paid $2,000 canh in dividende to the owner (sole shareholder). 2-a. Prepare the income statement for May. 2-b. Prepare the statement of retained earnings for May. 2-c. Prepare the balance sheet for May 31. 3. Prepare the statement of cash flows for May. Prepare the income statement for May. Prepare the statement of retained earnings for May. Prepare the balance sheet for May 31 . (1) Required information
