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 compl. the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company. May 1 The company rented a furnished office and paid $2,500 cash for May's rent. May 3 The company purchased $1,850 of equipment on credit. May 5 The company paid $790 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,200 cash. May 12 The company provided $2,500 of consulting services for a client on credit. May 15 The company paid $770 cash for an assistant's salary for the first half of this month. May 20 The company received $2,500 cash payment for the services provided on May 12. May 22 The company provided $4,000 of consulting services' on credit. May 25 The company received $4,000 cash payment for the services provided on May 22. May 26 The company paid $1,850 cash for the equipment purchased on May 3. May 27 The company purchased $75 of equipment on credit. May 28 The company paid $770 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 $280 cash for this month's utilities. May 31 G. Gram withdrew $1,900 cash from the company for personal use. 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 compl. the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company. May 1 The company rented a furnished office and paid $2,500 cash for May's rent. May 3 The company purchased $1,850 of equipment on credit. May 5 The company paid $790 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,200 cash. May 12 The company provided $2,500 of consulting services for a client on credit. May 15 The company paid $770 cash for an assistant's salary for the first half of this month. May 20 The company received $2,500 cash payment for the services provided on May 12. May 22 The company provided $4,000 of consulting services' on credit. May 25 The company received $4,000 cash payment for the services provided on May 22. May 26 The company paid $1,850 cash for the equipment purchased on May 3. May 27 The company purchased $75 of equipment on credit. May 28 The company paid $770 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 $280 cash for this month's utilities. May 31 G. Gram withdrew $1,900 cash from the company for personal use