90.2K

Verified Solution

Link Copied!

began operations on May 1. The Gram Company completed the following transactions during its first month of operations. May 1 G. Gram invested $41,500 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 $730 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,700 cash. May 12 The company provided $2,800 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 $2,800 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 $300 cash for this month's telephone bill. May 30 The company paid $290 cash for this month's utilities. May 31 The company paid $1,900 cash in dividends to the owner (sole shareholder). 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 itles if the transaction does not include an expense

Answer & Explanation Solved by verified expert

See Answer