Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C4, 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. Gran invested $44,000 cash in the company. 1 The company rented a furnished office and paid $2,400 cash for May's rent. 3. The company purchased $5,130 of office 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 $5,900 cash. 12 The company provided $2,78e of consulting services for a client on credit. 15 The company paid $760 cash for an assistant's salary for the first half of this month. 20 The company received $2,700 cash payment for the services provided on May 12. 22 The company provided $3,480 of consulting services on credit. 25 The company received $3,400 cash payment for the services provided on May 22. 26 The company paid $5,130 cash for the office equipment purchased on May 3. 27 The company purchased $80 of advertising in this month's (May) local paper on credit; cash payment is due June 1. 28 The company paid $760 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 $250 cash for this month's utilities. 31 G. Gram withdrew $1,600 cash from the company for personal use. + te Assets Accounts Receivable Cash Office Equipment Liabilities Accounts Payable Equity G. Gram, Withdrawals G. Gram Capital + Revenues - Expenses 1 + + 1 + + + + 3 + + 5 + + 8 + 12 + + 15 + + 20 22 25 + + + 26 + 27 + + + + 28 30 30 + + + + + + 31 + + + $ 0 + 0 + $ 0 = $ 0 + $ 0 $ 0 + $ 0 - $ 0 = + Date Cash Assets Accounts Recolvable + Office Equipment Liabilities Accounts Payable + G. Gram, Capital Equity G. Gram, Withdrawals + + Revenues Expenses May 1 + + 1 + + + + 3 11 + + + on + 8 12 + 15 20 22 25 26 + + 27 28 30 + 30 31 + + $ 0 + $ 0 + $ 0 $ + $ 0 $ 0 $ 0 - $ 0