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. Gran invested $42,500 cash in the company. May 1 The company rented a furnished office and paid $2, see cash for Hay's rent. May 3 The company purchased $1,920 of equipnent on credit. May 5 The company paid $720 cash for this month's cleaning services. May 8 The company provided consulting services for a client and imnediately collected $5,600 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 coepany paid $1,920 cash for the equipnent purchased on May 3. May 27 The company purchased $90 of equipnent on credit. May 28 The coepany paid $798 cash for an assistant's salary for the second half of this month. May 30 The company paid $350 cash for this nonth's telephone bill. May 30 The company paid $270 cash for this month's utilities May 31 G. Gran withdrew $2,000 cash fron the coepany for personal use.
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. Gran invested $42,500 cash in the company. May 1 The company rented a furnished office and paid $2, see cash for Hay's rent. May 3 The company purchased $1,920 of equipnent on credit. May 5 The company paid $720 cash for this month's cleaning services. May 8 The company provided consulting services for a client and imnediately collected $5,600 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 coepany paid $1,920 cash for the equipnent purchased on May 3. May 27 The company purchased $90 of equipnent on credit. May 28 The coepany paid $798 cash for an assistant's salary for the second half of this month. May 30 The company paid $350 cash for this nonth's telephone bill. May 30 The company paid $270 cash for this month's utilities May 31 G. Gran withdrew $2,000 cash fron the coepany for personal use.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Transcribed Image Text: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 e minus sign. Select "NA" for account titles if the transection does not include an
expense.)
Assets
Liabilities
Equity
Date
Account Titles
Accounts
Receivable
Accounts
Payable
G. Gram,
Capital
G. Gram,
Withdrawals
Cash
Equipment
Revenues
Expenses for Expenses
May 1
Miay 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
Transcribed Image Text: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 $42,5ee cash in the company.
May 1 The company rented a furnished office and paid $2,500 cash for May's rent.
May 3 The company purchased $1,920 of equipnent on credit.
May 5 The company paid $72e cash for this month's cleaning services.
May 8 The company provided consulting services for a client and imnediately collected $5,600 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 helf 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 $1,920 cash for the equipment purchased on May 3.
May 27 The company purchased $90 of equipment on credit,
May 28 The coepany 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 G. Gran withdrew $2,000 cash fron the company for personal use.
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