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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 | Gabi Gram invested $42,000 cash in the company. |
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May 1 | The company rented a furnished office and paid $2,200 cash for May's rent. |
May 3 | The company purchased $1,890 of equipment on credit. |
May 5 | The company paid $720 cash for this month's cleaning services. |
May 8 | The company provided consulting services for a client and immediately collected $5,200 cash. |
May 12 | The company provided $2,600 of consulting services for a client on credit. |
May 15 | The company paid $780 cash for an assistant's salary for the first half of this month. |
May 20 | The company received $2,600 cash payment for the services provided on May 12. |
May 22 | The company provided $3,300 of consulting services on credit. |
May 25 | The company received $3,300 cash payment for the services provided on May 22. |
May 26 | The company paid $1,890 cash for the equipment purchased on May 3. |
May 27 | The company purchased $80 of equipment on credit. |
May 28 | The company paid $780 cash for an assistant's salary for the second half of this month. |
May 30 | The company paid $400 cash for this month's telephone bill. |
May 30 | The company paid $260 cash for this month's utilities. |
May 31 | Gabi Gram withdrew $2,000 cash from the company for personal use. |
Required:
1. Enter the amount of each transaction on individual items of the accounting equation.
Note: 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.
Equity Gabi Gram, Withdrawals + Revenues Expenses Account Titles for Expenses | Assets = Liabilities + Date Accounts Accounts Cash + Receivable + Equipment = Gabi Gram, + Payable Capital May 1 + + = + May 1 + + = + May 3 + + + May 5 + + + May 8 + + + May 12 + + = + May 15 + + + May 20 + + = + May 22 + + = + May 25 + + + May 26 + + + May 27 + + = + May 28 + + May 30 + + = ++ May 30 + + + May 31 + + 0 EA + EA 0+ $ 0 II 0 + + $ | || | || + + + ++ + + + | + + + + + + + + $ 0 + $ 0 0
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