Problem $1-7$A Analyzing transactions and preparing financial statements $P1$ P$2$

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 $$40,000$ 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 $$1,890$ of equipment on credit.

$5$ The company paid $$750$ cash for this month's cleaning services.

$8$ The company provided consulting services for a client and immediately collected $$5,400$ cash.

$12$ The company provided $$2,500$ of consulting services for a client on credit.

$15$ The company paid $$750$ 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 $$3,200$ of consulting services on credit.

$25$ The company received $$3,200$ cash payment for the services provided on May $22.$

$26$ The company paid $$1,890$ cash for the equipment purchased on May $3.$

$27$ The company purchased $$80$ of equipment on credit.

$28$ The company paid $$750$ cash for an assistant's salary for the second half of this month.

$30$ The company paid $$300$ cash for this month's telephone bill.

$30$ The company paid $$280$ cash for this month's utilities.

$31$ The company paid $$1,400$ cash in dividends to the owner $($sole shareholder$).$

Required

Page $34$

Create the following table similar to Exhibit $1\mathrm{.}9.$ Enter the effects of each transaction on the accounts of the accounting equation by recording dollar increases and decreases in the appropriate columns. Determine the final total for each account and verify that the equation is in balance.

$\backslash$table$[[$Date$,$Assets,$\backslash$table$[[=$