Required information Problem 1-7. Analyzing transactions and preparing financial statements LO P1, P2 [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 $2,300 cash for May's rent. 3. The company purchased $1,889 of office equipment on credit. 5 The company paid $730 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,200 cash. 12 The company provided $2,600 of consulting services for a client on credit. 15 The company paid $718 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 $3,000 of consulting se ices on credit. 25 The company received $3,000 cash payment for the services provided on May 22. 26 The company paid $1,880 cash for the office equipment purchased on May 3. 27 The company purchased $85 of office equipment on credit. 28 The company paid $710 cash for an assistant's salary for the second half of this month. 30 The company paid $350 cash for this month's telephone bill. 30 The company paid $270 cash for this month's utilities. 31 The company paid $1,400 cash in dividends to the owner (sole shareholder). Required information Problem 1-7. Analyzing transactions and preparing financial statements LO P1, P2 [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 $2,300 cash for May's rent. 3. The company purchased $1,889 of office equipment on credit. 5 The company paid $730 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,200 cash. 12 The company provided $2,600 of consulting services for a client on credit. 15 The company paid $718 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 $3,000 of consulting se ices on credit. 25 The company received $3,000 cash payment for the services provided on May 22. 26 The company paid $1,880 cash for the office equipment purchased on May 3. 27 The company purchased $85 of office equipment on credit. 28 The company paid $710 cash for an assistant's salary for the second half of this month. 30 The company paid $350 cash for this month's telephone bill. 30 The company paid $270 cash for this month's utilities. 31 The company paid $1,400 cash in dividends to the owner (sole shareholder)