Gabi Grom 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 19. Cras invested $40,500 cash in the company in exchange for its connon stock. 1 The company rented a furnished office and paid $2,500 cash for May's rent. 3. The company purchased $1,890 of office equipment on credit. 5 The company paid $780 cash for this month's cleaning services. The company provided consulting services for a client and wediately collected $5,900 ch 12 The company provided $2,800 of consulting services for a client on credit. 15 The company paid 9790 con for an assistant's salary for the first half of this month. 20 The company received $2,00 cash payment for the services provided on May 12. 22 The company provided $3,200 ot consulting services on credit. 25 The company received $3,200 cash payment for the services provided on May 22 26 The company paid $1,890 cash for the office equipment purchased on May ). 27 The company purchased $90 of office equipment on credit. 28 The company paid $790 cash for an assistant's salary for the second half of this month. 30 The company paid $300 cash for this month's telephone bill. 30 The company paid $270 cash for this month's utilities: 31 The company paid $1,600 cash in dividends to the owner (ole shareholder) Problem 1-7A Part 1 Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Do not determine new account balances after each transaction (Enter the transactions in the given order. Enter reductions to account balances with a minus sign. Select "NA" I the transaction does not include an expense.) Equity Assets Accounts Receivable Liabilities Accounts Payable Common Stock Dividends Revenues Office Equipment Expenses Account Titles for Expenses Date Cash May 1 1 !! + - - 3 51 11 12 of 21 LOROLLUI UUE HUL HILIUUE GIL EAP) Liabilities + Equity Assets Accounts Receivable Date Cash Office Equipment Accounts Payable Common Stock Dividends Revenues - Expenses Account Titles for Expenses 1 1 3 + 5 IIIIIII 8 12 15 20 22 + + 25 26 27 28 30 30 31 + + + 0 s 0 0 $ $ 0 - $ 0 + $ 0 $ $ $ 0 + =