! Required information Problem 1-7A (Static) 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. Gram invested $40,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,890 of equipment on credit. 5 The company paid $750 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,400 cash. 12 The company provided $2,500 of consulting services for a client on credit. 15 The company paid $750 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 $3,200 of consulting services on credit. 25 The company received $3,200 cash payment for the services provided on May 22. 26 The company paid $1,890 cash for the equipment purchased on May 3. 27 The company purchased $80 of equipment on credit. 28 The company paid $750 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 $280 cash for this month's utilities. 31 The company paid $1,400 cash in dividends to the owner (sole shareholder). Assets Liabilities + Equity Date Cash + Accounts Receivable + Equipment = Accounts Payable + Common Stock Dividends + Revenues - Account Titles Expenses for Expenses | May 1 + + = = + + 1 + + = + + 3 + = + + ++ 5 + = + + 8 + + = + + 12 + + = + + 15 + + + + + 20 + + = + 22 + + = + + 25 + + + + 26 + + + + + 27 + + + + 28 + + + + 30 + + + + 30 + + + + 31 + + + ++ + +