Question

Required information The following information applies to the questions displayed below.) Gabi 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 of operations. May 1 G. Gram invested $43,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,500 cash for May's rent. 3 The company purchased $1,860 of office equipment on credit. 5 The company paid $780 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 $2,500 of consulting services for a client on credit. 15 The company paid $730 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 $3,900 of consulting services on credit. 25 The company received $3,900 cash payment for the services provided on May 22. 26 The company paid $1,860 cash for the office equipment purchased on May 3. 27 The company purchased $80 of office equipment on credit. 28 The company paid $730 cash for an assistant's salary for the second halt of this month. 30 The company paid $300 cash for this month's telephone bill. 30 The company paid $300 cash for this month's utilities. 31 The company paid $1,500 cash in dividends to the owner (nole shareholder).

Answer 1

Answer:

		Assets					=	Liabilities	+	Equity
Date		Cash	+	Accounts Receivable	+	Office Equipment	=	Accounts Payable	+	Common Stock	-	Dividends	+	Revenues	-	Expenses	Account Titles for Expenses
May	1	$43,500	+		+		=		+	$43,500	-		+		-
	1	($2,500)	+		+		=		+		-		+		-	$2,500	Rent expense
	3		+		+	$1,860	=	$1,860	+		-		+		-
	5	($780)	+		+		=		+		-		+		-	$780	Cleaning services expense
	8	$6,000	+		+		=		+		-		+	$6,000	-		Service revenue
	12		+	$2,500	+		=		+		-		+	$2,500	-		Service revenue
	15	($730)	+		+		=		+		-		+		-	$730	Salaries expense
	20	$2,500	+	($2,500)	+		=		+		-		+		-
	22		+	$3,900	+		=		+		-		+	$3,900	-		Service revenue
	25	$3,900	+	($3,900)	+		=		+		-		+		-
	26	($1,860)	+		+		=	($1,860)	+		-		+		-
	27		+		+	$80	=	$80	+		-		+		-
	28	($730)	+		+		=		+		-		+		-	$730	Salaries expense
	30	($300)	+		+		=		+		-		+		-	$300	Telephone expense
	30	($100)	+		+		=		+		-		+		-	$100	Utilties expense
	31	($1,500)	+		+		=		+		-	$1,500	+		-		Dividends
		$47,400	+	$0	+	$1,940	=	$80	+	$43,500	-	$1,500	+	$12,400	-	$5,140