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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
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 $43,000 cash in the company. |
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May 1 | The company rented a furnished office and paid $2,200 cash for Mays rent. |
May 3 | The company purchased $1,860 of equipment on credit. |
May 5 | The company paid $760 cash for this months cleaning services. |
May 8 | The company provided consulting services for a client and immediately collected $5,400 cash. |
May 12 | The company provided $2,500 of consulting services for a client on credit. |
May 15 | The company paid $760 cash for an assistants 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 company provided $3,400 of consulting services on credit. |
May 25 | The company received $3,400 cash payment for the services provided on May 22. |
May 26 | The company paid $1,860 cash for the equipment purchased on May 3. |
May 27 | The company purchased $80 of equipment on credit. |
May 28 | The company paid $760 cash for an assistants salary for the second half of this month. |
May 30 | The company paid $400 cash for this months telephone bill. |
May 30 | The company paid $280 cash for this months utilities. |
May 31 | G. Gram withdrew $1,900 cash from the company for personal use. |
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.)
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