Question

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.
1	The company rented a furnished office and paid $2,200 cash for May's rent.
3	The company purchased $1,890 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 $5,400 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 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 $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	G. Gram withdrew $1,400 cash from the company for personal use.

Answer 1

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