Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C4, 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. Gram invested $41,500 cash in the company 1 The company rented a furnished office and paid $2,300 cash for May's rent. 3 The company purchased $5,200 of office equipment on credit. 5 The company paid $760 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 $2,700 of consulting services for a client on credit. 15 The company paid $740 cash for an assistant's salary for the first half of this month. 20 The company received $2,700 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 $5,200 cash for the office equipment purchased on May 3. 27 The company purchased $80 of advertising in this month's (May) local paper on credit; cash payment is due June 1. 28 The company paid $740 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 $260 cash for this month's utilities. 31 G. Gram withdrew $1,500 cash from the company for personal use. Problem 1-7A Part 2 and 3 2.1. Prepare income statement for May. THE GRAM CO. Income Statement For Month Ended May 31 Revenues: Funnnnn