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. Gran invested $41,500 cash in the company in exchange for its common stock 1 The company rented a furnished office and paid $2,300 cash for May's rent. 3 The company purchased $1,920 of equipment on credit. 5 The company paid $750 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,200 cash. 12 The company provided $2,900 of consulting services for a client on credit. 15 The company paid $730 cash for an assistant's salary for the first half of this month 20 The company received $2,900 cash paynent for the services provided on May 12 22 The company provided $3,600 of consulting services on credit 25 The company received $3,600 cash payment for the services provided on May 22 26 The company paid $1,920 cash for the equipment purchased on May 3. 27 The company purchased 590 of equipment on credit 28 The company paid $730 cash for an assistant's salary for the second half of this month 30 The company paid $400 cash for this month's telephone bill 30 The company paid $250 cash for this month's utilities 31 The company paid 31,700 cash in dividends to the owner (role shareholder) Required: 1. Enter the amount of each transaction on individual items of the accounting equation (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.) Liabilities Accounts Payable Assets Accounts Receivable Equity Dividends Expenses Account Titles for Expenses Common Stock Revenues Equipment Cash Date May Required: 1. Enter the amount of each transaction on individual items of the accounting equation (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.) Assets Accounts Receivable Equity Date Cash Equipment = Liabilities Accounts Payable Common Stock Dividends + Revenues Expenses Account Titles for Expenses May 1 1 3 5 12 15 20 22 25 20 27 28 30 30 31 N985 + . $ 0 $ 0. $ 0 $ 0 0 0 Complete this question by entering your answers in the tabs below. Required 2A Required 28 Required 20 Required 3 Prepare the income statement for May. THE GRAM CO. Income Statement For Month Ended May 31 Revenues Expenses 0 Total expenses Red 2A Required 2B > Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 2C Required 3 Prepare the statement of retained earnings for May. THE GRAM CO. Statement of Retained Earnings For Month Ended May 31 Retained earnings, May 1 $ 0 0 Retained earnings, May 31 $ 0 Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 2C Required 3 Prepare the balance sheet for May 31. THE GRAM CO. Balance Sheet May 31 Assets Liabilities Equity Total equity 0 Total liabilities and equity 0 0 Total assets $ $ Required 2A Required 2B Required 2C Required 3 Prepare the statement of cash flows for May. (Cash outflows should be indicated with a minus sign.) THE GRAM CO. Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities Cash flows from investing activities $ 0 Cash flows from financing activities 0 0 0 s Cash balanco, May 1 Cash balance, May 31 $ 0 0
