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 $42,500 cash in the company.
		1		The company rented a furnished office and paid $2,200 cash for Mays rent.
		3		The company purchased $4,260 of office equipment on credit.
		5		The company paid $780 cash for this months cleaning services.
		8		The company provided consulting services for a client and immediately collected $5,300 cash.
		12		The company provided $2,500 of consulting services for a client on credit.
		15		The company paid $720 cash for an assistants salary for the first half of this month.
		20		The company received $2,500 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 $4,260 cash for the office equipment purchased on May 3.
		27		The company purchased $90 of advertising in this months (May) local paper on credit; cash payment is due June 1.
		28		The company paid $720 cash for an assistants salary for the second half of this month.
		30		The company paid $350 cash for this months telephone bill.
		30		The company paid $270 cash for this months utilities.
		31		G. Gram withdrew $1,800 cash from the company for personal use. Problem 1-7A Part 2 and 3 2.1. Prepare income statement for May. 2.2. Prepare statement of owner's equity for May. 2.3. Prepare Balance Sheet for May 31. 3. Prepare statement of cash flows for May. (Cash outflows should be indicated with a minus sign.)