Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 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 1Gabi Gram invested $40,500 cash in the company.May 1The company rented a furnished office and paid $2,600 cash for Mays rent.May 3The company purchased $1,850 of equipment on credit.May 5The company paid $730 cash for this months cleaning services.May 8The company provided consulting services for a client and immediately collected $5,500 cash.May 12The company provided $2,800 of consulting services for a client on credit.May 15The company paid $710 cash for an assistants salary for the first half of this month.May 20The company received $2,800 cash payment for the services provided on May 12.May 22The company provided $3,700 of consulting services on credit.May 25The company received $3,700 cash payment for the services provided on May 22.May 26The company paid $1,850 cash for the equipment purchased on May 3.May 27The company purchased $85 of equipment on credit.May 28The company paid $710 cash for an assistants salary for the second half of this month.May 30The company paid $350 cash for this months telephone bill.May 30The company paid $280 cash for this months utilities.May 31Gabi Gram withdrew $1,600 cash from the company for personal use.May 31 Gabi Gram withdrew $1,600 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 sign. Select "NA" for account titles if the transaction does not include an expense.
\table[[Date,Assets,\table[[=
image text in transcribed

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

Microeconomics Theory And Applications

Authors: Edgar K. Browning, Mark A. Zupan

10th Edition

0470128917, 9780470128916

More Books

Students also viewed these Accounting questions