Required information Problem 1 7A Analyzing transactions and preparing financial statements LO P1, P2 Skip to question 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 $45,000 cash in the company 1 The company rented a furnished office and paid $2,200 cash for Mays rent 3 The company purchased $1,940 of office equipment on credit 5 The company paid $760 cash for this months cleaning services 8 The company provided consulting services for a client and immediately collected $5,300 cash 12 The company provided $2,600 of consulting services for a client on credit 15 The company paid $720 cash for an assistants 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 $3,400 of consulting services on credit 25 The company received $3,400 cash payment for the services provided on May 22 26 The company paid $1,940 cash for the office equipment purchased on May 3 27 The company purchased $90 of office equipment on credit 28 The company paid $720 cash for an assistants salary for the second half of this month 30 The company paid $350 cash for this months telephone bill 30 The company paid $280 cash for this months utilities 31 G Gram withdrew $1,400 cash from the company for personal use 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 ) Problem 1 7A Part 2 and 3 2 a Prepare income statement for May 2 b Prepare statement of owner's equity for May 2 c Prepare Balance Sheet for May 31 3 Prepare statement of cash flows for May

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Required information Problem 1-7A Analyzing transactions and preparing financial statements LO P1, P2 Skip to question [The following information applies to the questions displayed below.]

Required information

Problem 1-7A Analyzing transactions and preparing financial statements LO P1, P2

Skip to question

[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 $45,000 cash in the company.
	1	The company rented a furnished office and paid $2,200 cash for Mays rent.
	3	The company purchased $1,940 of office equipment on credit.
	5	The company paid $760 cash for this months cleaning services.
	8	The company provided consulting services for a client and immediately collected $5,300 cash.
	12	The company provided $2,600 of consulting services for a client on credit.
	15	The company paid $720 cash for an assistants 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 $3,400 of consulting services on credit.
	25	The company received $3,400 cash payment for the services provided on May 22.
	26	The company paid $1,940 cash for the office equipment purchased on May 3.
	27	The company purchased $90 of office equipment on credit.
	28	The company paid $720 cash for an assistants salary for the second half of this month.
	30	The company paid $350 cash for this months telephone bill.
	30	The company paid $280 cash for this months utilities.
	31	G. Gram withdrew $1,400 cash from the company for personal use.

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.)

Problem 1-7A Part 2 and 3

2-a. Prepare income statement for May. 2-b. Prepare statement of owner's equity for May. 2-c. Prepare Balance Sheet for May 31. 3. Prepare statement of cash flows for May.