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 16. Gram Invested $42,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,400 cash for May's rent. 3 The company purchased $1,940 of office equipment on credit. 5 The company paid $780 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected 55,700 cash. 12 The company provided $2,500 of consulting services for a client on credit. 15 The company paid $720 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 $3,900 of consulting services on credit. 25 The company received $3,900 cash payment for the services provided on May 22. 26 The company paid 51,940 cash for the office equipment purchased on May 3. 27 The company purchased $85 of office equipment on credit. 28 The company paid 5720 cash for an assistant's salary for the second half of this month. 30 The company paid $400 cash for this month's telephone bill. 30 The company paid $270 cash for this month's utilities. 31 The company paid $1,500 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" if the transaction does not include on expense.) Liabilities Equity Assets Accounts Receivable Date Cash Ollice Equipment Accounts Payable Common Stock Dividends Revenues Expenses Account Titios for Expenses May 1 . + 1 31 51 8 12 15 20 22 251 +