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Can someone help me solve this accounting balance sheet problem? Holden Graham started The Graham Co., a new business that began operations on May 1.
Can someone help me solve this accounting balance sheet problem?
Holden Graham started The Graham Co., a new business that began operations on May 1. The Graham Co completed the following transactions during its first month of operations. May 1 H. Graham invested $45,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,500 cash for May's rent. 3 The company purchased $1,860 of office equipment on credit. 5 The company paid $770 cash for this month's cleaning services 8 The company provided consulting services for a client and immediately collected $5,900 cash 12 The company provided $2,800 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 $2,800 cash payment for the services provided on May 12 22 The company provided $3,800 of consulting services on credit. 25 The company received $3,800 cash payment for the services provided on May 22 26 The company paid $1,860 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 $350 cash for this month's telephone bill 30 The company paid $280 cash for this month's utilities 31 The company paid $1,900 cash in dividends to the owner (sole shareholder)Step by Step Solution
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