Question
Required information Skip to question [The following information applies to the questions displayed below.] Gabi Gram started The Gram Company, a new business that began
Required information
Skip to question
[The following information applies to the questions displayed below.] Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations.
May 1 | G. Gram invested $42,000 cash in the company in exchange for its common stock. |
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May 1 | The company rented a furnished office and paid $2,200 cash for Mays rent. |
May 3 | The company purchased $1,900 of equipment on credit. |
May 5 | The company paid $780 cash for this months cleaning services. |
May 8 | The company provided consulting services for a client and immediately collected $5,800 cash. |
May 12 | The company provided $2,900 of consulting services for a client on credit. |
May 15 | The company paid $800 cash for an assistants salary for the first half of this month. |
May 20 | The company received $2,900 cash payment for the services provided on May 12. |
May 22 | The company provided $3,900 of consulting services on credit. |
May 25 | The company received $3,900 cash payment for the services provided on May 22. |
May 26 | The company paid $1,900 cash for the equipment purchased on May 3. |
May 27 | The company purchased $80 of equipment on credit. |
May 28 | The company paid $800 cash for an assistants salary for the second half of this month. |
May 30 | The company paid $350 cash for this months telephone bill. |
May 30 | The company paid $250 cash for this months utilities. |
May 31 | The company paid $2,000 cash in dividends to the owner (sole shareholder). |
Required: 1. Enter the amount of each transaction on individual items of the accounting equation. (Enter the transactions in the given order. Enter reductions to account balances with a minus sign. Select "NA" for account titles if the transaction does not include an expense.)
Assets Liabilities + Equity Date Cash Account Titles for Expenses Accounts Receivable + + Equipment Accounts Payable Common Stock + Dividends Revenues Expenses May 1 + + = + + + + + + + = + + + + + + + + + + + - + + + + + = + + + + = = + + May 1 May 3 May 5 May 8 May 12 May 15 May 20 May 22 May 25 May 26 May 27 May 28 May 30 May 30 May 31 + = + + + + + + + = + + + + + + - + + + + + + + = + + + + + + + + + + + +
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