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Required information Problem 1-7A (Algo) Analyzing transactions and preparing financial statements LO P1, P2 [The following information applies to the questions displayed below.] Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company in exchange for its common stock. May 1 The company rented a furnished office and paid $2,200 cash for May's rent. May 3 The company purchased $1,940 of equipment on credit. paid $730 cash for this month's cleaning services. May 5 The company May 8 The company May 12 The company May 15 The company May 20 The company May 22 The company May 25 The company May 26 The company May 27 The company purchased $90 of equipment on credit. May 28 The company paid $790 cash for an assistant's salary for the second half of this month. May 30 The company paid $350 cash for this month's telephone bill. May 30 The company paid $260 cash for this month's utilities. May 31 The company paid $1,800 cash in dividends to the owner (sole shareholder). provided consulting services for a client and immediately collected $5,300 cash. provided $2,600 of consulting services for a client on credit. paid $790 cash for an assistant's salary for the first half of this month. received $2,600 cash payment for the services provided on May 12. provided $3,800 of consulting services on credit. received $3,800 cash payment for the services provided on May 22. paid $1,940 cash for the equipment purchased on May 3. Problem 1-7A (Algo) Part 1 Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Note: 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. Show Transcribed Text

Required information Problem 1-7A (Algo) Analyzing transactions and preparing financial statements LO P1, P2 [The following information applies to the questions displayed below.] Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company in exchange for its common stock. May 1 The company rented a furnished office and paid $2,200 cash for May's rent. May 3 The company purchased $1,940 of equipment on credit. paid $730 cash for this month's cleaning services. May 5 The company May 8 The company May 12 The company May 15 The company May 20 The company May 22 The company May 25 The company May 26 The company May 27 The company purchased $90 of equipment on credit. May 28 The company paid $790 cash for an assistant's salary for the second half of this month. May 30 The company paid $350 cash for this month's telephone bill. May 30 The company paid $260 cash for this month's utilities. May 31 The company paid $1,800 cash in dividends to the owner (sole shareholder). provided consulting services for a client and immediately collected $5,300 cash. provided $2,600 of consulting services for a client on credit. paid $790 cash for an assistant's salary for the first half of this month. received $2,600 cash payment for the services provided on May 12. provided $3,800 of consulting services on credit. received $3,800 cash payment for the services provided on May 22. paid $1,940 cash for the equipment purchased on May 3. Problem 1-7A (Algo) Part 1 Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Note: 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. Show Transcribed Text

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter3: Basic Accounting Systems: Accrual Basis
Section: Chapter Questions
Problem 3.1E: Transactions using accrual accounting Terry Mason organized The Fifth Season at the beginning of...
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Required information Problem 1-7A (Algo) Analyzing transactions and preparing financial statements LO P1, P2 [The following information applies to the questions displayed below.] Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company in exchange for its common stock. May 1 The company rented furnished office and paid $2,200 cash for May's rent. May 3 The company purchased $1,940 of equipment on credit. May 5 The company paid $730 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,300 cash. May 12 The company provided $2,600 of consulting services for a client on credit. May 15 The company paid $790 cash for an assistant's salary for the first half of this month. May 20 The company received $2,600 cash payment for the services provided on May 12. May 22 The company provided $3,800 of consulting services on credit. May 25 The company received $3,800 cash payment for the services provided on May 22. May 26 The company paid $1,940 cash for the equipment purchased on May 3. Problem 1-7A (Algo) Part 1 May 27 The company purchased $90 of equipment on credit. May 28 The company paid $790 cash for an assistant's salary for the second half of this month. May 30 The company paid $350 cash for this month's telephone bill. May 30 The company paid $260 cash for this month's utilities. May 31 The company paid $1,800 cash in dividends to the owner (sole shareholder). Show Transcribed Text Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Note: 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. Required 2A Required 2B Ĵ Revenues: Ĉ Prepare the income statement for May. Expenses Ć Total expenses Required 2C Required 3 THE GRAM COMPANY Income Statement For Month Ended May 31 0
Transcribed Image Text:Required information Problem 1-7A (Algo) Analyzing transactions and preparing financial statements LO P1, P2 [The following information applies to the questions displayed below.] Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company in exchange for its common stock. May 1 The company rented furnished office and paid $2,200 cash for May's rent. May 3 The company purchased $1,940 of equipment on credit. May 5 The company paid $730 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,300 cash. May 12 The company provided $2,600 of consulting services for a client on credit. May 15 The company paid $790 cash for an assistant's salary for the first half of this month. May 20 The company received $2,600 cash payment for the services provided on May 12. May 22 The company provided $3,800 of consulting services on credit. May 25 The company received $3,800 cash payment for the services provided on May 22. May 26 The company paid $1,940 cash for the equipment purchased on May 3. Problem 1-7A (Algo) Part 1 May 27 The company purchased $90 of equipment on credit. May 28 The company paid $790 cash for an assistant's salary for the second half of this month. May 30 The company paid $350 cash for this month's telephone bill. May 30 The company paid $260 cash for this month's utilities. May 31 The company paid $1,800 cash in dividends to the owner (sole shareholder). Show Transcribed Text Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Note: 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. Required 2A Required 2B Ĵ Revenues: Ĉ Prepare the income statement for May. Expenses Ć Total expenses Required 2C Required 3 THE GRAM COMPANY Income Statement For Month Ended May 31 0
Required 2A Required 2B Required 2C Prepare the statement of retained earnings for May. THE GRAM COMPANY Statement of Retained Earnings For Month Ended May 31 Retained earnings, May 1 Retained earnings, May 31 Show Transcribed Text Required 2A Required 2B Required 2C Total assets Prepare the balance sheet for May 31. Assets Show Transcribed Text Cash flows from operating activities $ $ Cash flows from financing activities Required 3 $ S 0 0 0 Required 3 3 THE GRAM COMPANY Balance Sheet May 31 C Total liabilities < Required 2B THE GRAM COMPANY Statement of Cash Flows For Month Ended May 31 Total equity 0 Total liabilities and equity Prepare the statement of cash flows for May. Note: Cash outflows should be indicated with a minus sign. Ć Liabilities Equity Required 3 > 0 $ 0 0 0
Transcribed Image Text:Required 2A Required 2B Required 2C Prepare the statement of retained earnings for May. THE GRAM COMPANY Statement of Retained Earnings For Month Ended May 31 Retained earnings, May 1 Retained earnings, May 31 Show Transcribed Text Required 2A Required 2B Required 2C Total assets Prepare the balance sheet for May 31. Assets Show Transcribed Text Cash flows from operating activities $ $ Cash flows from financing activities Required 3 $ S 0 0 0 Required 3 3 THE GRAM COMPANY Balance Sheet May 31 C Total liabilities < Required 2B THE GRAM COMPANY Statement of Cash Flows For Month Ended May 31 Total equity 0 Total liabilities and equity Prepare the statement of cash flows for May. Note: Cash outflows should be indicated with a minus sign. Ć Liabilities Equity Required 3 > 0 $ 0 0 0
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