Required information Problem 1-7A Analyzing transactions or preparing financial statements LO C4, P1, P2 The following information applies to the questions Gayed below! Gabi Gram started The Gram Co. a new business that began operations on May t The Gram Co, completed the following transactions during its first month of operations May 16. Gras invested $42,500 cash in the company in exchange for its can stock. 1 The company rented furnished office and paid $2,400 each for Hay's runt 3 The company purchased $1,900 of office equipment on credit 5 The company paid 5770 cash for this month's cleaning services. 8 The company provided consulting services for client and immediately collected $5,700 cash 16. The company provided $2,600 of consulting services for client on credit 15 The company paid $710 cash for an assistant's salary for the first half of this month 20 The company received $2.ano cach pumunt for the service provided on May 12. 25 The company received $3,700 cash payant for the services provided on May 22 26 The company paid $1, Me cash for the office coulit purchased on May 3. 27 The company purchased $10 of advertising in this month's (May) Incal paper on credit cash payment is duu June 28 The company paid $10 cash for an assistant's salary for the second half of this ronth. 3 The company paid $15 cash for this month's telephone bill. 28 The company paid $770 cash for this month's utilities 31 The company paid $1,800 cash in dividends to the Owner (sole shareholder) 1. Problem 1-7A Part 1 Required information Problem 1-7A Part 1 Required: 1. Enter the amount of each transaction on individual tems 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) Equity Assets Accounts Receivable Cash Oce Equipment Liabilities Accounts Payable Common Stock Dividends Revenue - Expenses Mwy - + + 3 5 + B + + + + + + + 12 15 + + + + 22 + + + 25 + + + 21 + + + 28 30 30 = + 31 + + - 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 6. Gran invested $42,500 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 ront. 3 The company purchased $1,948 of office equipment on credit. 5 The company paid $770 cash for this month's cleaning services. B The company provided consulting services for a client and immediately collected $5,700 cash 12 The company provided $2,500 of consulting services for a client on credit. 15 The company paid 5/10 cash for an assistant's salary for the first half of this manth. 20 The company received $2,800 cash payment for the services provided on May 12 22 The company provided $3,78e of consulting services on credit 25 The company received $3,700 cash payment for the services provided on May 22 26 The company paid $1,00 cash for the office equipment purchased on May 3. 27 The company purchased $a of advertising in this month's (Nay) local paper on credit; cash payment is due June 1. 28 The company paid $yle cash for an assistant's salary for the second half of this month de The company paid $350 cash for this month's telophane bi. Be The company paid $270 cash for this month's utilities 31 The Lompany paid $1,000 cash in dividends to the ouner (solo shareholder) Required information 1. Enter the amount of each transaction on individual items of the accounting equation. Do not determine new account balances aller each transaction (Enter the transactions in the given order. Enter reductions to account balances with a minus sign.) - Date Assets Accounts Receivable Cash Office Equipment Liabilities Accounts Payable Equity Dividends Common Stock Revenues Expenses May + 1 1 + + 3 + - - 5 8 + + 12 15 20 22 25 + + + 27 + + 30 30 + 31 +