Problem 1-7A Analyzing transactions and preparing financial statements P1 P2 Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. com- pleted the following transactions during its first month of operations. May 1 G. Gram invested S10,000 cash in the company. 1 The company rented a furnished office and paid $2.200 cash for May's rent. 3 The company purchased $1.890 of office equipment on credit. 5 The company paid $750 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected 55.400 cash. 12 The company provided $2.500 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 $2,500 cash payment for the services provided on May 12 22 The company provided $3.200 of consulting services on credit. 25 The company received $3.200 cash payment for the services provided on May 22 The company paid $1,890 cash for the of 27 The company purchased $80 of office equipment on credit. 28 The company paid $750 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 $280 cash for this month's utilities. 31 G. Gram withdrew $1,400 cash from the company for personal use. Problem 1-7A Analyzing transactions and preparing financial statements P1 P2 Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. com- pleted the following transactions during its first month of operations. May 1 G. Gram invested S10,000 cash in the company. 1 The company rented a furnished office and paid $2.200 cash for May's rent. 3 The company purchased $1.890 of office equipment on credit. 5 The company paid $750 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected 55.400 cash. 12 The company provided $2.500 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 $2,500 cash payment for the services provided on May 12 22 The company provided $3.200 of consulting services on credit. 25 The company received $3.200 cash payment for the services provided on May 22 The company paid $1,890 cash for the of 27 The company purchased $80 of office equipment on credit. 28 The company paid $750 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 $280 cash for this month's utilities. 31 G. Gram withdrew $1,400 cash from the company for personal use