- The Following Information Applies To The Questions Displayed Below Gabi Gram Started The Gram Company A New Business 1 (187.92 KiB) Viewed 34 times
[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 1 G. Gram invested $40,500 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 $1,900 of equipment on credit. May 5 The
company paid $760 cash for this month's cleaning services. May 8 The
company provided consulting services for a client and immediately collected $5,200 cash. May 12 The
company provided $2,600 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 $2,600 cash payment for the services provided on May 12. May 22 The
company provided $3,200 of consulting services on credit. May 25 The
company received $3,200 cash payment for the services provided on May 22. May 26 The
company paid $1,900 cash for the equipment purchased on May 3. May 27 The
company purchased $85 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 $300 cash for this month's telephone bill. May 30 The
company paid $280 cash for this month's utilities. May 31 The
company paid $1,900 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.) Liabilities + Equity Assets Accounts Receivable Date Account Titles for Expenses Cash + Accounts Payable + Equipment = Common Stock + Dividends + Revenues - Expenses + + = + + + + = + + - + + = + + + + = + + + = + + + = + + + + - + + + + + + + + + - + + + - + + + + + + - + + + + + + + + + + + + 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 = = = = = = = = = = - + + + + + + + + + + + + + +