90.2K

Verified Solution

Link Copied!

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 G. Gram invested $43,500 cash in the company in exchange for its common stock. May 1 The company rented a furnished of f cee and paid $2,300 cash for May's rent. May 3 The company purchased $1,890 of equipment on credit. May 5 The company paid $750 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,300 cash. May 12 The company provided $2,900 of consulting services for a client on credit. May 15 The conpany paid $720 cash for an assistant's salary for the first half of this month. May 20 The company received $2,900 cash payment for the services provided on May 12 . May 22 The company provided $3,100 of consulting services on credit. May 25 The oompeny received $3,100 cash paymont 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 compeny paid $720 cash for an assistant's malary for the second half of this month. May 30 The company paid $400 cash for this month's telephone bill. May 31 The company paid $270 cash for this month's utilities. 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. Holp Soves (1) Required information \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Date } & \multicolumn{5}{|c|}{ Assots } & \multirow{2}{*}{==} & \multirow{2}{*}{LabilitiosAccountsPayable} & \multirow{2}{*}{+} & \multirow[b]{2}{*}{ComunonStock} & \multirow{3}{*}{=} & \multicolumn{2}{|c|}{ Equity } & \multirow[b]{2}{*}{ Rovenuen } & \multirow{2}{*}{\multicolumn{2}{|c|}{ - Exponaes }} & \multirow[b]{2}{*}{AccoumtTitinsforExponmess} \\ \hline & Cash & + & AccountsRecelvabie & + & Equipment & & & & & & Dividends & 4 & & & & \\ \hline May 1 & & + & & + & & = & & + & & & & + & & - & & \\ \hline Mryy 1 & & + & & + & & = & & + & & - & & + & & - & & \\ \hline May 3 & & + & & + & & = & & + & & -1 & & + & & - & & \\ \hline May 5 & & + & & + & & = & & + & & -1 & & + & & - & & \\ \hline May 8 & & + & & + & & = & & + & & -1 & & + & & - & & \\ \hline May 12 & & + & & + & & = & & + & & -1 & & + & & - & & \\ \hline May 15 & & + & & + & & = & & + & & - & & + & & -1 & & \\ \hline May 20 & & + & & + & & = & & + & & - & & + & & -3 & & \\ \hline May 22 & & + & & + & & = & & + & & -1 & & + & & - & & \\ \hline May 25 & & + & & + & & = & & + & & - & & + & & - & & \\ \hline May 26 & & + & & + & & = & & + & & - & & + & & -3 & & \\ \hline May 27 & & + & & + & & = & & + & & - & & + & & -1 & & \\ \hline May 28 & & + & & + & & = & & + & & -1 & & + & & -1 & & \\ \hline May 30 & & + & & + & & = & & + & & -1 & & + & & - & & \\ \hline May 30 & & + & & + & & = & & + & & - & & - & & -8 & & \\ \hline May 31 & & + & & + & & = & & + & & -1 & & + & & -1 & & \\ \hline & 8 & + & 0 & + & s & = & s & + & 5 & - & 5 & + & s & - & s & \\ \hline \end{tabular} Prey 12 of 2 III Next >

Answer & Explanation Solved by verified expert

See Answer