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please help me with 1 and 2 Problem 2 Holden Graham started the Graham Co., a new business that began operation on May 1. The
please help me with 1 and 2
Problem 2 Holden Graham started the Graham Co., a new business that began operation on May 1. The Graham Co. completed the following transactions during its first month of operation. May 1 H.Graham invested $40000 cash in the company. 1 The company rented a furnished office and paid $2200 cash for May's rent. 3 The company purchased $1890 of office equipment on credit. 5 The company paid $750 cash for this month's leaning services. 8 The company provided consulting services for a client and immediately collected $5400 cash. 12 The company provided $2500 of consulting services for a client on credit. 15 The company paid $750 cash for an assistant's salary for the first half of this month. 20 The company received $2500 cash payment for the services provided on May Required: 1.Arrange the following asset, liability, and equity titles in a table like Exhibit 1.9: Cash; Accounts Receivable; Office Equipment; Accounts Payable; H. Graham, Capital; H. Graham, Withdrawals; Revenues; and Expenses. 2.Show effects of transactions on the accounts of the accounting equation by recording increases and decreases in the appropriate columns. Do not determine new account balances after each transaction. Determine the final total for each account and verify that the equation is in balance. 3.Prepare an income statement for May, a statement of owner's equity for May, a May 31 balances sheet. 12. 22 The company provided $3200 of consulting services on credit. 25 The company received $3200 cash payment for the services provided on May 22. 26 The company paid $1890 cash for the office equipment purchased on May 13. 27 The company purchased $80 of advertising in this month's local paper on credit; cash payment is due June 1. 28 The company paid $750 cash for an assistant's salary for the second half of this month. 30 The company paid $280 cash for this month's utilities. 30 The company paid $300 cash for this month's telephone bill. 31 H.Graham withdrew $1400 cash from the company for personal use Step by Step Solution
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