Answered step by step
Verified Expert Solution
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
[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 complete 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. May 1 The company rented a furnished office and paid $2,400 cash for May's rent. May 3 The company purchased $1,890 of equipment on credit. May 5 The company paid $750 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,680 cash. May 12 The company provided $2,700 of consulting services for a client on credit. May 15 The company paid $760 cash for an assistant's salary for the first half of this month. May 20 The company received $2,700 cash payment for the services provided on May 12. May 22 The company provided $3,600 of consulting services on credit. May 25 The company received $3,600 cash payment for the services provided on May 22. May 26 The company paid $1,890 cash for the equipment purchased on May 3. May 27 The company purchased $75 of equipment on credit. May 28 The company paid $760 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 The company paid $1,600 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.) Assets Liabilities Equity Date Accounts Receivable Cash Account Titles for Expenses Equipment Accounts Payable ll Common Stock Dividends Revenues Expenses + + + + ILLET + TTT III + + + + + + + + + + May 1 May 1 May 3 May 5 May 8 May 12 May 15 May 20 May 22 May 25 May 26 May 27 May 28 May 30 May 30 May 31 + HE + IH + TUTTI ILI 11 HE F - HE +
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