Financial Accounting
[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 16. Gras invested 543,000 cash in the company in exchange for its common stock 1 The company rented a furnished office and paid $2,400 cash for May's rent. 3 The company purchased $1,938 of office equipment on credit. 5 The company paid 5740 cash for this month's cleaning services. # The company provided consulting services for a client and feediately collected 55, cast 12 The company provided 52, of consulting services for a client on credit 15 The company paid 5770 cash for an assistant's salary for the first half of this month 20 The company received $2,00 cash payment for the services provided on May 12 22 The company provided $3,300 of consulting services on credit 25 The company received $3,3ee cash payment for the services provided on May 22 26 The company paid 31,90 cash for the office equipment purchased on May 3. 27 The company purchased 590 f office equipment on credit. 28. The company paid 5770 cash for an assistant's salary for the second half of this month. 3 The company paid $100 cash for this month's telephone ball The company paid $280 cash for this month's utilities. 31 The company paid 51,00 cash in dividends to the owner sole shareholder: Problem 1-7A Part 1 Required: 1. 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. Select "NA" the transaction does not include an expense.) Date Accounts Receivable Office Equipment Accounts Payabile Com Dividende RUTI May 1 - 1 3 . 5 - . 12 15 20 22 25 - Da - 301 19 23 re ere to vearch O 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 $43,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,4ee cash for May's rent. 3 The company purchased $1,930 of office equipment on credit, 5 The company paid $740 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,888 cash. 12 The company provided $2,808 of consulting services for a client on credit. 15 The company paid $770 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 $3,300 of consulting services on credit. 25 The company received $3,300 cash payment for the services provided on May 22. 26 The company paid $1,930 cash for the office equipment purchased on May 3. 27 The company purchased $90 of office equipment on credit. 28 The company paid $770 cash for an assistant's salary for the second half of this month. 30 The company paid $300 cash for this month's telephone bili. 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). Saved Required information w Assets Llabilities Equity Date Cash Accounts Receivable Office Equipment Accounts Payable Common Stock Dividends + Revenues - Expenses Account Titles for Expenses + May - 1 1 3 + 11 + 5 8 + + + + 12 15 20 22 25 26 27 28 30 30 31 + + + + + + . + + . $ 0 $ 0 $ - $ 5 0 0 S 0 5 $ O + +
