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 Gabi Gram invested $45,000 cash in the company. May 1 The company rented a furnished office and paid $2,100 cash for May’s rent. May 3 The company purchased $1,890 of equipment on credit. May 5 The company paid $770 cash for this month’s cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,800 cash. 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 $3,400 of consulting services on credit. May 25 The company received $3,400 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 $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 $350 cash for this month’s telephone bill. May 30 The company paid $280 cash for this month’s utilities. May 31 Gabi Gram withdrew $1,500 cash from the company for personal use. Enter the amount of each transaction on individual items of the accounting equation.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Related questions

Question

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 Gabi Gram invested $45,000 cash in the company. May 1 The company rented a furnished office and paid $2,100 cash for May’s rent. May 3 The company purchased $1,890 of equipment on credit. May 5 The company paid $770 cash for this month’s cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,800 cash. 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 $3,400 of consulting services on credit. May 25 The company received $3,400 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 $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 $350 cash for this month’s telephone bill. May 30 The company paid $280 cash for this month’s utilities. May 31 Gabi Gram withdrew $1,500 cash from the company for personal use. Enter the amount of each transaction on individual items of the accounting equation.

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.

Similar questions