Required information [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 $43,500 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 rent. 3 The company purchased $1,890 of office equipment on credit. 5 The company paid $790 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,600 cash. 12 The company provided $2,700 of consulting services for a client on credit. 15 The company paid $780 cash for an assistant 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 $3,800 of consulting services on credit. 25 The company received $3,800 cash payment for the services provided on May 22. 26 The company paid $1,890 cash for the office equipment purchased on May 3. 27 The company purchased $80 of office equipment on credit. 28 The company paid $780 cash for an assistant's salary for the second half of this month. 30 The company paid $400 cash for this month's telephone bill. 30 The company paid $260 cash for this month's utilities. 31 The company paid $1,500 cash in dividends to the owner (sole shareholder). -a. Prepare income statement for May. -b. Prepare statement of retained earnings for May. -C. Prepare balance sheet for May 31. . Prepare statement of cash flows for May. Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 2C Required 3 Prepare income statement for May. May 1 G. Gram invested $43,500 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 rent. 3 The company purchased $1,890 of office equipment on credit. 5 The company paid $790 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,600 cash. 12 The company provided $2,700 of consulting services for a client on credit. 15 The company paid $780 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 $3,800 of consulting services on credit. 25 The company received $3,800 cash payment for the services provided on May 22. 26 The company paid $1,890 cash for the office equipment purchased on May 3. 27 The company purchased $80 of office equipment on credit. 28 The company paid $780 cash for an assistant's salary for the second half of this month. 30 The company paid $400 cash for this month's telephone bill. 30 The company paid $260 cash for this month's utilities. 31 The company paid $1,500 cash in dividends to the owner (sole shareholder). Required: 1. Enter the amount of each transaction on individual items 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. Select "NA" if the transaction does not include an expense.) = Equity Assets Accounts Receivable Liabilities Accounts Payable Date Cash + Office Equipment + + Common Stock Dividends + Revenues Expenses Account Titles for Expenses May 1 + + + + 1 + + + + 3 + + = + + 5 + + = + - + 8 + + + + 12 + + = + + 15 + + + + 20 + + = + + 22 + + + + 251 + +
