Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 $43,000 cash in the company in exchange for its common stock. |
---|---|
May 1 | The company rented a furnished office and paid $2,100 cash for Mays rent. |
May 3 | The company purchased $1,910 of equipment on credit. |
May 5 | The company paid $770 cash for this months cleaning services. |
May 8 | The company provided consulting services for a client and immediately collected $5,900 cash. |
May 12 | The company provided $2,400 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 $2,400 cash payment for the services provided on May 12. |
May 22 | The company provided $3,700 of consulting services on credit. |
May 25 | The company received $3,700 cash payment for the services provided on May 22. |
May 26 | The company paid $1,910 cash for the equipment purchased on May 3. |
May 27 | The company purchased $85 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 $300 cash for this months telephone bill. |
May 30 | The company paid $280 cash for this months utilities. |
May 31 | The company paid $1,700 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.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started