Required information [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 Gabi Gram invested $43,000 cash in the company. May 1 The company rented a furnished office and paid $2,200 cash for May's rent. May 3 The company purchased $1,910 of equipment on credit. May 5 The company paid $790 cash for this month's cleaning services. May B The company provided consulting services for a client and immediately collected $5,500 cash. May 12 The company provided $2,800 of consulting services for a client on credit. May 15 The company paid $780 cash for an assistant's salary for the first half of this month. May 20 The company received $2,800 cash payment for the services provided on May 12. May 22 The company provided $3,800 of consulting services on credit. May 25 The company received $3,800 cash payment for the services provided on May 22. May 26 The company paid $1,910 cash for the equipment purchased on May 3. May 27 The company purchased $85 of equipment on credit. May 28 The company paid $780 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 $250 cash for this month's utilities. May 31 Gabi Gram withdrew $1,500 cash from the company for personal use. Required: 1. 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. Date 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 Cash 43,000 (2,200) (790) 5,500 (780) 2,800 3,800 (1,910) + of afe + + + (780) (300) (250) (1,500) f S 46,590 + + Accounts Receivable $ Assets 69 2,800 + 0 + + + + (2.800) 3.800 (3.800) + + + 4 + + + + Equipment 1,910 85 11 AQ ||||| IT 11 IT 11 ti 0. A $ 1,995 = 11 Liabilitas Accounts Payable $ 1,910 (1,910) 85 85 * + + + + + + > Answer is not complete. Gabi Gram, Capital $ 43,000 $ 43,000 I Gabi Gram, Withdrawals 1,500 1,500 Equity + + + + + + Revenues 5,500 2,800 3,800 $ 12,100 1 IL 1 1 1 - T || - Expenses 2,200 790 780 300 250 Account Titles for Expenses $ 5,100 Rent 780 Salary Cleaning Salary Telephone Utilities

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[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 Gabi Gram invested $43,000 cash in the company.
May 1 The company rented a furnished office and paid $2,200 cash for May's rent.
May 3 The company purchased $1,910 of equipment on credit.
May 5 The company paid $790 cash for this month's cleaning services.
May B The company provided consulting services for a client and immediately collected $5,500 cash.
May 12 The company provided $2,800 of consulting services for a client on credit.
May 15 The company paid $780 cash for an assistant's salary for the first half of this month.
May 20 The company received $2,800 cash payment for the services provided on May 12.
May 22 The company provided $3,800 of consulting services on credit.
May 25 The company received $3,800 cash payment for the services provided on May 22.
May 26 The company paid $1,910 cash for the equipment purchased on May 3.
May 27 The company purchased $85 of equipment on credit.
May 28 The company paid $780 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 $250 cash for this month's utilities.
May 31 Gabi Gram withdrew $1,500 cash from the company for personal use.
Required:
1. 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.
Date
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
Cash
43,000
(2,200)
(790)
5,500
(780)
2,800
3,800
(1,910)
+
of
afe
+
+
+
(780)
(300)
(250)
(1,500) f
S
46,590
+
+
Accounts
Receivable
$
Assets
69
2,800
+
0
+
+
+
+
(2.800)
3.800
(3.800) +
+
+
4
+
+
+
+
Equipment
1,910
85
11
AQ
|||||
IT
11
IT
11
ti
0.
A
$ 1,995 =
11
Liabilitas
Accounts
Payable
$
1,910
(1,910)
85
85
*
+
+
+
+
+
+
> Answer is not complete.
Gabi
Gram,
Capital
$ 43,000
$ 43,000
I
Gabi Gram,
Withdrawals
1,500
1,500
Equity
+
+
+
+
+
+
Revenues
5,500
2,800
3,800
$ 12,100
1
IL
1
1
1
-
T
||
-
Expenses
2,200
790
780
300
250
Account
Titles for
Expenses
$ 5,100
Rent
780 Salary
Cleaning
Salary
Telephone
Utilities
Transcribed Image Text:Required information [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 Gabi Gram invested $43,000 cash in the company. May 1 The company rented a furnished office and paid $2,200 cash for May's rent. May 3 The company purchased $1,910 of equipment on credit. May 5 The company paid $790 cash for this month's cleaning services. May B The company provided consulting services for a client and immediately collected $5,500 cash. May 12 The company provided $2,800 of consulting services for a client on credit. May 15 The company paid $780 cash for an assistant's salary for the first half of this month. May 20 The company received $2,800 cash payment for the services provided on May 12. May 22 The company provided $3,800 of consulting services on credit. May 25 The company received $3,800 cash payment for the services provided on May 22. May 26 The company paid $1,910 cash for the equipment purchased on May 3. May 27 The company purchased $85 of equipment on credit. May 28 The company paid $780 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 $250 cash for this month's utilities. May 31 Gabi Gram withdrew $1,500 cash from the company for personal use. Required: 1. 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. Date 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 Cash 43,000 (2,200) (790) 5,500 (780) 2,800 3,800 (1,910) + of afe + + + (780) (300) (250) (1,500) f S 46,590 + + Accounts Receivable $ Assets 69 2,800 + 0 + + + + (2.800) 3.800 (3.800) + + + 4 + + + + Equipment 1,910 85 11 AQ ||||| IT 11 IT 11 ti 0. A $ 1,995 = 11 Liabilitas Accounts Payable $ 1,910 (1,910) 85 85 * + + + + + + > Answer is not complete. Gabi Gram, Capital $ 43,000 $ 43,000 I Gabi Gram, Withdrawals 1,500 1,500 Equity + + + + + + Revenues 5,500 2,800 3,800 $ 12,100 1 IL 1 1 1 - T || - Expenses 2,200 790 780 300 250 Account Titles for Expenses $ 5,100 Rent 780 Salary Cleaning Salary Telephone Utilities
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