Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information The following information applies to the questions displayed below) Gabi Grom started The Gram Co., a new business that began operations on May

image text in transcribed
Required information The following information applies to the questions displayed below) Gabi Grom 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. Gran invested 540,000 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 office equipment on credit 5 The company paid $750 cash for this month's cleaning services. 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, 20 The company paid 250 cash for an assistant salary for the first half of this month 20 The company received $2,500 cash payment for the services provided on May 12. 25 The company received $3,200 of commulting service on vices provided on May 22 26 The company paid $1,090 cash for the office equipment purchased on May 3. 27 The company purchased SBO of office 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 $200 cash for this month's utilities 31 The company paid $1,400 cash in dividends to the owner isole 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" for account titles if the transaction does not include an expense.) Answer is not complete. + Equity Assets Accounts Receivable Liabilities Accounts Payable Date Cash + + Office Equipment Common Stock Dividends Revenues Expenses Account Titles for Expenses NA 1 + + + May + $ 40,000 - 40.000 12.2001 - 1 3 1.800 - + . 5 8 (750) 5,400 . . 12 2.500 2,500 2.200 Ron NA 750Cleaning NA NA 750S NA NA NA NA . . 15 20 (750) 2.500 3,200 9999999999999 + 25 3,200 (1.800) + + B0- NA 20 27 28 30 + . + + 750Salary Telephone Us NA (300) (280) (1.400) 30 + 31 1,400 1,400 5 5 5,700 D S $ 40,000 $ 1970 4450 + $ 2,500 $ 43500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Foreign Corrupt Practices Act Compliance Guidebook Protecting Your Organization From Bribery And Corruption

Authors: Martin T. Biegelman, Daniel R. Biegelman

1st Edition

0470527935, 978-0470527931

More Books

Students also viewed these Accounting questions

Question

Write formal proposal requests.

Answered: 1 week ago

Question

Write an effective news release.

Answered: 1 week ago

Question

Identify the different types of proposals.

Answered: 1 week ago