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" if the transaction does not include an expense.) Assets = Liabilities Equity Account Titles Accounts Receivable Accounts %3D Common Stock Office Date Cash Dividends Revenues Expenses for Expenses Equipment Payable May + 1 %3D 1 %3D 3 %3D %3D 8 %3! 12 %3D 15 %3D 20 %3D 22 %3D 25 26 %3! 27 %3D

Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter1: Business Transactions (ptrans)
Section: Chapter Questions
Problem 3R: On June 1 of the current year, Wilson Wood opened Woodys Web Services. This sole proprietorship had...
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Can you please also complete the 28, 30, 30 and 31 transactions

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" if
the transaction does not include an expense.)
Assets
Liabilities
+
Equity
Office
Accounts
Common
Account Titles
Accounts
+
Receivable
Date
Cash
+
Equipment
Dividends
Revenues
Expenses
for Expenses
Payable
Stock
May
1
1
+
%3D
3
%3D
+
+
+
8.
%3D
12
15
+
+
20
%3D
+
22
%3D
%3D
+
25
+
%3D
26
+
+
27
III
+ +
Transcribed Image Text: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" if the transaction does not include an expense.) Assets Liabilities + Equity Office Accounts Common Account Titles Accounts + Receivable Date Cash + Equipment Dividends Revenues Expenses for Expenses Payable Stock May 1 1 + %3D 3 %3D + + + 8. %3D 12 15 + + 20 %3D + 22 %3D %3D + 25 + %3D 26 + + 27 III + +
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 $42,000 cash in the company in exchange for its common stock.
1 The company rented a furnished office and paid $2,400 cash for May's rent.
3 The company purchased $1,930 of office equipment on credit.
5 The company paid $770 cash for this month's cleaning services.
8 The company provided consulting services for a client and immediately collected $5,500 cash.
12 The company provided $2,600 of consulting services for a client on credit.
15 The company paid $780 cash for an assistant's salary for the first half of this month.
20 The company received $2,600 cash payment for the services provided on May 12.
22 The company provided $3,100 of consulting services on credit.
25 The company received $3,100 cash payment for the services provided on May 22.
26 The company paid $1,930 cash for the office equipment purchased on May 3.
27 The company purchased $85 of office equipment on credit.
28 The company paid $780 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 $260 cash for this month's utilities.
31 The company paid $1,500 cash in dividends to the owner (sole shareholder).
Transcribed Image Text: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 $42,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,400 cash for May's rent. 3 The company purchased $1,930 of office equipment on credit. 5 The company paid $770 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,500 cash. 12 The company provided $2,600 of consulting services for a client on credit. 15 The company paid $780 cash for an assistant's salary for the first half of this month. 20 The company received $2,600 cash payment for the services provided on May 12. 22 The company provided $3,100 of consulting services on credit. 25 The company received $3,100 cash payment for the services provided on May 22. 26 The company paid $1,930 cash for the office equipment purchased on May 3. 27 The company purchased $85 of office equipment on credit. 28 The company paid $780 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 $260 cash for this month's utilities. 31 The company paid $1,500 cash in dividends to the owner (sole shareholder).
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Introduction

Accounting equation helps management to analyze the balance of total assets to total liabilities & equity and it also ensures that the journal entry prepared in step 1 of accounting cycle is accurate or made as per the double entry book system.

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