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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 $41,500 cash in the company in exchange for its common stock. |
|---|---|
| May 1 | The company rented a furnished office and paid $2,500 cash for Mays rent. |
| May 3 | The company purchased $1,900 of equipment on credit. |
| May 5 | The company paid $790 cash for this months cleaning services. |
| May 8 | The company provided consulting services for a client and immediately collected $5,600 cash. |
| May 12 | The company provided $2,800 of consulting services for a client on credit. |
| May 15 | The company paid $730 cash for an assistants salary for the first half of this month. |
| May 20 | The company received $2,800 cash payment for the services provided on May 12. |
| May 22 | The company provided $3,700 of consulting services on credit. |
| May 25 | The company received $3,700 cash payment for the services provided on May 22. |
| May 26 | The company paid $1,900 cash for the equipment purchased on May 3. |
| May 27 | The company purchased $85 of equipment on credit. |
| May 28 | The company paid $730 cash for an assistants salary for the second half of this month. |
| May 30 | The company paid $350 cash for this months telephone bill. |
| May 30 | The company paid $300 cash for this months utilities. |
| May 31 | The company paid $1,800 cash in dividends to the owner (sole 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.)
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The Basics Of Quality Auditing
Authors: Ronald Blank
1st Edition
1138438863, 9781138438866
