Gabi Gram started The Gram Company, a new business that began operations on May 1. The...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 Gabi Gram invested $41,000 cash in the company. May 1 The company rented a furnished office and paid $2,400 cash for May's rent. May 3 The company purchased $1,900 of equipment on credit. May 5 The company paid $750 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,700 cash. May 12 The company provided $2,900 of consulting services for a client on credit. May 15 The company paid $740 cash for an assistant's salary for the first half of this month. May 20 The company received $2,900 cash payment for the services provided on May 12. May 22 The company provided $3,700 of consulting services on credit. May 25 The company received $3,700 cash payment for the services provided on May 22. May 26 The company paid $1,900 cash for the equipment purchased on May 3. May 27 The company purchased $80 of equipment on credit. May 28 The company paid $740 cash for an assistant's salary for the second half of this month. May 30 The company paid $400 cash for this month's telephone bill. May 30 The company paid $290 cash for this month's utilities. May 31 Gabi Gram withdrew $1,800 cash from the company for personal use. 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. Assets = Liabilities + Equity Date Account Titles Cash + Accounts Receivable + Equipment = Accounts Payable Gabi Gram, + - Capital Gabi Gram, Withdrawals + Revenues - Expenses for Expenses May 1 $41,000 + $ 0 + $ 0 = + $ 0 May 1 + + = 2,400 + May 3 37,600 + + = + May 5 + = + May 8 + + May 12 + = + May 15 + + = + May 20 + + = + May 22 + = + May 25 + + May 26 + + = + May 27 + + = + May 28 + = + May 30 + = + May 30 + + = + May 31 = + $78,600 + $ 0+ $ 0 = $ 2,400 + $ 0 $ 0 + $ 0 + + + + + + + + + + + + + + + $ 0 + $ 0 $ 0 IIIIIIIIIIII $ 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 Gabi Gram invested $41,000 cash in the company. May 1 The company rented a furnished office and paid $2,400 cash for May's rent. May 3 The company purchased $1,900 of equipment on credit. May 5 The company paid $750 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,700 cash. May 12 The company provided $2,900 of consulting services for a client on credit. May 15 The company paid $740 cash for an assistant's salary for the first half of this month. May 20 The company received $2,900 cash payment for the services provided on May 12. May 22 The company provided $3,700 of consulting services on credit. May 25 The company received $3,700 cash payment for the services provided on May 22. May 26 The company paid $1,900 cash for the equipment purchased on May 3. May 27 The company purchased $80 of equipment on credit. May 28 The company paid $740 cash for an assistant's salary for the second half of this month. May 30 The company paid $400 cash for this month's telephone bill. May 30 The company paid $290 cash for this month's utilities. May 31 Gabi Gram withdrew $1,800 cash from the company for personal use. 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. Assets = Liabilities + Equity Date Account Titles Cash + Accounts Receivable + Equipment = Accounts Payable Gabi Gram, + - Capital Gabi Gram, Withdrawals + Revenues - Expenses for Expenses May 1 $41,000 + $ 0 + $ 0 = + $ 0 May 1 + + = 2,400 + May 3 37,600 + + = + May 5 + = + May 8 + + May 12 + = + May 15 + + = + May 20 + + = + May 22 + = + May 25 + + May 26 + + = + May 27 + + = + May 28 + = + May 30 + = + May 30 + + = + May 31 = + $78,600 + $ 0+ $ 0 = $ 2,400 + $ 0 $ 0 + $ 0 + + + + + + + + + + + + + + + $ 0 + $ 0 $ 0 IIIIIIIIIIII $
Expert Answer:
Answer rating: 100% (QA)
1 Here is the breakdown of each transaction on individual items of the accounting equation May 1 Cas... View the full answer
Related Book For
Principles of Financial Accounting chapters 1-17
ISBN: 978-1259687747
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these finance questions
-
Techsphere Enterprises is a west coast manufacturing company that uses a process costing system. At the start of production, Techsphere adds all the raw material that will be need for production....
-
Set4LinearApplication: Problem 5 Previous Problem List Next (1 point) A study was conducted to determine whether a the final grade of a student in an introductory psychology course is linearly...
-
BS Limited manufactures a single product and operates a standard costing system. Using the data given below, you are required to prepare the operating statement for the month ended 31 October to show...
-
Below are Infographics from the Congressional Budget Office showing Mandatory Spending and Discretionary Spending for FY2022. Examine the types of Mandatory and Discretionary Spending and their...
-
Explain why firms operating in monopolistically competitive markets probably will notearn an economic profit in the long run, and explain why they might.
-
Who do you think would benet more from a "virtual supply chain" capacity strategy-a small start-up firm with few resources or an older, more established company? Why? What are the risks associated...
-
In terms of individual psychology, a/an ____________ represents a rather intense but short-lived feeling about a person or a situation, while a/an ____________ describes a more generalized positive...
-
Read the following Case study: Marauder Corporation operates a chemical plant in northern Michigan. The terms of a state-issued permit require Marauder to test and report on the water quality of a...
-
3. Let H be a group and let a H. We define the following set: N= {gH: ga = ag}. Prove that N is a subgroup of H.
-
Partnership KBCD owns a building with a tax basis of $1,250,000and a book value of $1,800,000. The building (which was contributed to the partnership by a partner) is encumbered by a nonrecourse...
-
Discuss the benefits and drawbacks to earned value management. Calculate values for a through i from problem 9, using the following table: Problem 9 Use the following project status information to...
-
In the context of OpenAI's evolution from a non - profit to a capped - profit entity, discuss how its corporate governance structure navigates the complex interplay between ethical responsibilities,...
-
With this Secondary source: Topic: Frederick Douglass Personal Experience: A useful tool for Slave Emancipation Thesis Statement: Frederick Douglass Personal Experience as the most useful tool to...
-
Cherry Blossom Products Inc. produces and sells yoga-training products: how-to DVDS and a basic equipment set (blocks, strap, and small pillows). Last year, Cherry Blossom Products sold 13,500 +DVDs...
-
What are the practical internal (in terms of team motivation) and external (for the client) implications of making overly optimistic project delivery promises?
-
The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash $ 41,000 Liabilities $ 59,000 Other assets 280,000 Winn, capital (50% of profits and losses) 71,000 Xie, capital...
-
In order to get an idea on current buying trends, a real estate agent collects data on 10 recent house sales in the area. Specifically, she notes the number of bedrooms in each house as follows: a....
-
What is this project's discounted payback period? (10 points) a. 3.04 b. 3.24 c. 3.44 d. 3.64 Assume that the appropriate cost of capital for this project is 12 percent. Time 0 1 Cash Flow -$750 $400...
-
What is this project's IRR? a. 25.67% b. 27.19% c. 28.76% d. 29.86% Assume that the appropriate cost of capital for this project is 12 percent. 0 1 2 Time Cash Flow -$750 $400 $300 3 $200 4 $400
-
What is this project's Modified IRR (MIRR)? a. 18.78% b. 19.65% c. 20.14% d. 21.37% Assume that the appropriate cost of capital for this project is 12 percent. Time Cash Flow 0 1 -$750 $400 $300 2 3...
Study smarter with the SolutionInn App