Required Information Problem 1-7A (Algo) Analyzing transactions and preparing financial statements LO P1, P2 [The following information applies to the questions displayed below] Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations. May 1 G. Gram invested $40,580 cash in the company in exchange for its common stock. May 1 The company rented a furnished office and paid $2,300 cash for May's rent. May 3 The company purchased $1,880 of equipment on credit. May 5 The company paid $768 cash for this month's cleaning services. May &The company provided consulting services for a client and immediately collected $5,200 cash. May 12 The company provided $2,788 of consulting services for a client on credit. May 15 The company paid $720 cash for an assistant's salary for the first half of this month. May 28 The company received $2,700 cash payment for the services provided on May 12. May 22 The company provided $3,000 of consulting services on credit. May 25 The company received $3,000 cash payment for the services provided on May 22. May 26 The company paid $1,880 cash for the equipment purchased on May 3. May 27 The company purchased $85 of equipment on credit. Hay 28 The company paid $720 cash for an assistant's salary for the second half of this month. May 38 The company paid $300 cash for this month's telephone bill. May 38 The company paid $298 cash for this month's utilities. May 31 The company paid $1,400 cash in dividends to the owner (sole shareholder). Problem 1-7A (Algo) Part 1 Required: 1. 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. Select "NA" for account titles if the transaction does not include an expense.) Date Cash Assets Accounts Receivable Liabilibes Equity Equipment Accounts Payable Common Stock Dividends + Revenues Expenses Account Titles for Expenses May 11 May 11 May 3 + May 5 . May B May 12 May 15 May 201 + May 22 May 25 May 26 + May 27 . May 28 . May 30 May 30 . May 31 +