Problem 1-7A Analyzing transactions and preparing financial statements LO C4, P1, P2 [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 $40,000 cash in the company. 1 The company rented a furnished office and paid $2,300 cash for May's rent. 3 The company purchased $4,210 of office equipment on credit. 5 The company paid $770 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,400 cash. 12 The company provided $2,700 of consulting services for a client on credit. 15 The company paid $790 cash for an assistant's 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 $3,000 of consulting services on credit. 25 The company received $3,000 cash payment for the services provided on May 22. 26 The company paid $4,210 cash for the office equipment purchased on May 3. 27 The company purchased $80 of advertising in this month's (May) local paper on credit; cash payment is due June 1. 28 The company paid $790 cash for an assistant's salary for the second half of this month. 30 The company paid $350 cash for this month's telephone bill. 30 The company paid $290 cash for this month's utilities. 31 G. Gram withdrew $1,600 cash from the company for personal use. 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.) + Assets Accounts Receivable Liabilities Accounts Payable Date Equity G. Gram, + Revenues Withdrawals Office Equipment Cash + = G. Gram, Capital + Expenses May 1 + + + + 1 1 $30,000 + (2,700) + 27,300 + + + + 3 + + 5 + + + + + 8 + + + + 12 + + + 15 + + + + 20 + + = + + 22 + + + + + 25 + + + + + 26 + + + + 27 + + + 28 + + + + 30 + + = + + 30 + + + + 31 + + + + $54,600 + $ 0 + $ 0 - $ 0 + $ 0 - $ 0 + $ 0 $ 0