Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

of 2 . Required information [The following information applies to the questions displayed below.) Gabi Gram started The Gram Co., a new business that began

image text in transcribed
image text in transcribed
of 2 . Required information [The following information applies to the questions displayed below.) Gabi Gram 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 1 G. Gram invested $41,500 cash in the company. 1 The company rented a furnished office and paid $2,500 cash for May's rent. 3 The company purchased $1,930 of office equipment on credit. 5 The company paid $770 cash for this month's cleaning services. 8 The conpany provided consulting services for a client and immediately collected $5,500 cash. 12 The company provided $2,900 of consulting services for a client on credit. 15 The company paid $740 cash for an assistant's salary for the first half of this month. 20 The company received $2,900 cash payment for the services provided on May 12. 22 The company provided $3,700 of consulting services on credit. 25 The company received $3,780 cash payment for the services provided on May 22. 26 The company paid $1,930 cash for the office equipment purchased on May 3. 27 The company purchased $80 of office equipnent on credit. 28 The company paid $740 cash for an assistant's salary for the second half of this month. 30 The company paid $400 cash for this month's telephone bill. 30 The company paid $280 cash for this month's utilities. 31 G. Gran withdrew $1,800 cash from the company for personal use. 102 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" if the transaction does not include an expense.) Assets Accounts Receivable - Liabilities Accounts Payable Equity G. Gram, Withdrawals Office Equipment G. Gram Capital Revenues Exponses Date Account Titles for Expenses Cash - May 1 11 . + 3 + + - . + 5 8 12 15 20 22 . 25 26 22 . 2 + 30

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Case Studies In Forensic Accounting And Fraud Auditing

Authors: Professor D. Larry Crumbley, Wilson LaGraize, Christopher E. Peters

2nd Edition

0808041932, 978-0808041931

More Books

Students also viewed these Accounting questions

Question

=+Why were they effective? How could you continue the campaign?

Answered: 1 week ago

Question

=+Who's your primary audience?

Answered: 1 week ago

Question

=+What do they need to hear?

Answered: 1 week ago