Questions 1415 of 15 Save Ext Sub The following information

Questions 14-15 (of 15) Save &Ext; Sub The following information applies to the questions displayed below Gabi Gram sterted The Gram Co, a new business that began operations on May 1 The Gram Co.completed the following transactions during its first month of operations May 1 G Gram invested $42.000 cash in the company 1 The company rented a fumished office and paid $2.500 cash for May\'s rent 3 The company purchased $1,920 of office equipment on credt 5 The company paid $790 cash for this month\'s cleaning services 8 The company provided consulting services for a client and immediately collected $6.000 cash 12 The company provided $2,900 of consulting services for a client on credit 15 The company paid $770 cash for an assistant\'s salary for the first haif of this month 20 The company received $2.900 cash payment for the services provided on May 12 22 The company provided $3.400 of consulting services on credt 25 The company received $3,400 cash payment for the services provided on May 22 26 The company paid $1,920 cash for the office equipment purchased on May 3 27 The company purchased $80 of advertising in this month\'s (May local paper on credit cash payment is due June 1 28 The company paid $770 cash for an assistant\'s salary for the second haif of this mone 30 The company paid $350 cash for this month\'s telephone bil 30 The company paid $270 cash for this month\'s usines 31 G. Gram withdrew S1,900 cash from the company for personal use. Required information 20.00 points Required: 2. Enter the amount of each transaction on individual tems of the accounting equation. Do not determine account balances after each transaction. (Enter the transactions in th* given order, Enter reductions to account balances with a minus sign.) G. Gram G. Gram, Date Cash

Solution

Asset = Liabilities + Equity Date cash + Accounts receivable + office equipment = Accounts payable + G.Gram capital - G.Gram withdraws + Revenue - Expense May 1 42000 42000 1 -2500 2500 3 1920 1920 5 -790 790 8 6000 6000 12 2900 2900 15 -770 770 20 2900 -2900 22 3400 3400 25 3400 -3400 26 -1920 -1920 27 80 80 28 -770 770 30 -350 350 30 -270 270 31 -1900 1900 Total 45030 + 0 + 1920 = 80 + 42000 - 1900 + 12300 - 5530