Question

My Path Home Chapter 01 Homework YouTube pter 01 Homework Help Save & Exit Submit Check my work Required information The following information applies to the questions displayed below.] 1 of 2 Gabl Gram started The Gram Co., a new business that began operations on May 1. The Gram Co, completed the following transactions during its first month operations. Ook May 1 G. Gram invested $40,000 cash in the company in exchange for its conmon stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,890 of office equipment on credit. 5 The company paid $750 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5.400 cash. 12 The company provided $2,500 of consulting services for a client on credit. 15 The company paid $750 cash for an assistant's salary for the first half of this month. 20 The company received $2,500 cash payment for the services provided on May 12. 22 The company provided $3,200 of consulting services on credit. 25 The company received $3,200 cash payment for the services provided on May 22. 26 The company paid $1,890 Cash for the office equipment purchased on May 3. 27 The company purchased $80 of office equipment on credit. 28 The company paid $750 cash for an assistant's salary for the second Malf of this month. 30 The company paid $300 cash for this month's telephone bill. 30 The company paid $280 cash for this month'utilities. 31 The company paid $1,400 cash in dividende to the owner (ole shareholder). rint -ences Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Do not determine new account balances after each transaction. (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.) Assets Liabilities + Equity Account Titles Date Accounts Regolvable Cash Office Equipment + Accounts Payable • Common Stock Revenues - Expenses Dividends < Prev 11 12 of 12 Next > MacBook Pro

Answer 1

		Assets					=	Liabilities	+	Equity
Date		Cash	+	Accounts Receivable	+	Office Equipment	=	Accounts Payable	+	Common Stock	-	Dividends	+	Revenue	-	Expenses	Account Titles for Expenses
May	1	$40000	+		+		=		+	$40000	-		+		-		NA
	1	-2200	+		+		=		+		-		+		-	2200	Rent expense
	3		+		+	1890	=	1890	+		-		+		-		NA
	5	-750	+		+		=		+		-		+		-	750	Cleaning expenses
	8	5400	+		+		=		+		-		+	5400	-		NA
	12		+	2500	+		=		+		-		+	2500	-		NA
	15	-750	+		+		=		+		-		+		-	750	Salary expense
	20	2500	+	-2500	+		=		+		-		+		-		NA
	22		+	3200	+		=		+		-		+	3200	-		NA
	25	3200	+	-3200	+		=		+		-		+		-		NA
	26	-1890	+		+		=	-1890	+		-		+		-		NA
	27		+		+	80	=	80	+		-		+		-		NA
	28	-750	+		+		=		+		-		+		-	750	Salary expense
	30	-300	+		+		=		+		-		+		-	300	Telephone expense
	30	-280	+		+		=		+		-		+		-	280	Utilities expense
	31	-1400	+		+		=		+		-	1400	+		-		Dividends
		$42780		$0	+	$1970	=	$80	+	$40000	-	$1400	+	$11100	-	$5030