Question

Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co, completed the followin transactions during its first month of operations. May 1 G. Gran invested $44,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5 The company paid $720 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,700 cash. 12 The company provided $2,900 of consulting services for a client on credit. 15 The company paid $740 cash for an assistant's salary for the first half of this month. 20 The company received $2,900 cash payment for the services provided on May 12. 22 The company provided $3,800 of consulting services on credit. 25 The company received $3,800 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 $75 of office equipment on credit. 28 The company paid $740 cash for an assistant's salary for the second half of this month. 30 The company paid $400 cash for this month's telephone bill. 30 The company paid $280 cash for this month's utilities. 31 The company paid $1,900 cash in dividends to the owner (sole shareholder). Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Do not determine new account balances af each transaction. (Enter the transactions in the given order. Enter reductions to account balances with a minus sign.) - + Date Cash Assets Accounts Receivable + Equity Dividends + Revenues - Expenses Office + Eaulament Equipment Liabilities Accounts Payable Common Stock - - + III < Prev 8 9 of 9 : Score answer >

Answer 1

Date	Cash	+	Accounts receivables	+	Office equipment	=	Accounts payable	+	Common stock	-	Dividends	+	Revenues	-	Expenses
1-May	44,500	+		+		=		+	44,500	-		+		-
1	(2,200)	+		+		=		+		-		+		-	2,200
3		+		+	1920	=	1920	+		-		+		-
5	(720)	+		+		=		+		-		+		-	720
8	5,700	+		+		=		+		-		+	5,700	-
12		+	2900	+		=		+		-		+	2,900	-
15	(740)	+		+		=		+		-		+		-	740
20	2,900	+	(2,900)	+		=		+		-		+		-
22		+	3,800	+		=		+		-		+	3,800	-
25	3,800	+	(3,800)	+		=		+		-		+		-
26	1,920	+		+		=	(1,920)	+		-		+		-
27		+		+		=	75	+		-		+		-	75
28	(740)	+		+		=		+		-		+		-	740
30	(400)	+		+		=		+		-		+		-	400
30	(280)	+		+		=		+		-		+		-	280
31	(1,900)	+		+		=		+		-	1,900	+		-
	51,840	+	-	+	1,920	=	75	+	44,500	-	1,900	+	12,400	-	5,155