Question
Holden Graham started The Graham Co., a new business that began operations on May 1. The Graham Co. completed the following transactions during its first
|
May 1 | H. Graham invested $43,500 cash in the company in exchange for its common stock. |
1 | The company rented a furnished office and paid $2,400 cash for Mays rent.. |
3 | The company purchased $1,890 of office equipment on credit. |
5 | The company paid $740 cash for this months cleaning services. |
8 | The company provided consulting services for a client and immediately collected $5,700 cash. |
12 | The company provided $2,700 of consulting services for a client on credit. |
15 | The company paid $750 cash for an assistants salary for the first half of this month. |
20 | The company received $2,700 cash payment for the services provided on May 12. |
22 | The company provided $3,100 of consulting services on credit. |
25 | The company received $3,100 cash payment for the services provided on May 22. |
26 | The company paid $1,890 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 $750 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 $280 cash for this months utilities. |
31 | The company paid $1,500 cash in dividends to the owner (sole shareholder). |
Required: | |
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.) Image URL: //d2vlcm61l7u1fs.cloudfront.net/media%2F9c0%2F9c027f78-cf88-4f18-b22d-f9c3ed2c81e1%2FphpO1YUI6.png |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started