Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required Information [The following information applles to the questions displayed below.] Gabl Gram started The Gram Company, a new business that began operatlons on May

image text in transcribed Required Information [The following information applles to the questions displayed below.] Gabl Gram started The Gram Company, a new business that began operatlons on May 1. The Gram Company completed the following transactions during lits first month of operations. May 1 Gabi Gran invested $41,500 cash in the conpany. May 1 The company rented a furnished office and paid $2,280 cash for May's rent. May 3 The company purchased $1,890 of equipnent on credit. May 5 The company paid $750 cash for this month's cleaning services. May \& The company provided consulting services for a client and imediately collected $5,609cash. May 12 The company provided $2,500 of consulting services for a client on credit. May 15 The company paid $790 cash for an assistant's salary for the first half of this month. May 20 The company received $2,500 cash payment for the services provided on May 12 . May 22 The company provided $3,109 of consulting services on credit. May 25 The company received $3,100 cash payment for the services provided on May 22 . May 26 The company paid $1,899 cash for the equipnent purchased on May 3 . May 27 The company purchased $80 of equipment on credit. May 28 The company paid $790 cash for an assistant's salary for the second half of this month. May 30 The company paid $350 cash for this month's telephone bill. May 30 The company paid $270 cash for this month's utilities. May 31 Gabi Gran withdrew $1,700 cash from the company for personal use. Required: . Enter the amount of each transaction on Individual Items of the accounting equation. Note: Enter the transactions in the given order. Enter reductions to account balances with a minus slgn. Select "NA" for account itles if the transaction does not include an expense

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

Be Audit You Can Be

Authors: Awesome Auditor

1st Edition

1659095700, 978-1659095708

More Books

Students also viewed these Accounting questions