Required information Problem 1-7A Analyzing transactions and preparing financial statements LO 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. Gran invested $41,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,600 cash for May's rent. 3. The company purchased $1,850 of office equipment on credit. 5 The company paid $800 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,700 cash. 12 The company provided $2,600 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 $2,600 cash payment for the services provided on May 12. 22 The company provided $3,600 of consulting services on credit. 25 The company received $3,600 cash payment for the services provided on May 22. 26 The company paid $1,850 cash for the office equipment purchased on May 3. 27 The company purchased 590 of office equipment on credit. 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 $260 cash for this month's utilities. 31 The company paid $1,700 cash in dividends to the owner (sole shareholder). Problem 1-7A Part 1 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" ir the transaction does not include an expense.) Problem 1-7A Part 1 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.) Equity Assets Accounts Receivable Date Cash Office Equipment Liabilities Accounts Payable Common Stock Dividends + Revenues Expenses Account Titles for Expenses May 1 + 1 + + + + + 3 5 8 12 15 + + + + + + 20 22 25 25 + - + 27 28 30 + + + 31 + Prey 1 of 2 Next >