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 $2,400 cash for May’s rent.
3 The
company purchased $1,880 of office equipment on credit.
5 The
company paid $740 cash for this month’s cleaning services.
8 The
company provided consulting services for a client and immediately collected
$5,500 cash.
12 The
company provided $2,900 of consulting services for a client on credit.
15 The
company paid $710 cash for an assistant’s salary for the first half of this
month.
20 The
company received $2,900 cash payment for the services provided on May 12.
22 The
company provided $3,300 of consulting services on credit.
25 The
company received $3,300 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 $75 of advertising in this month’s (May) local paper on
credit; cash payment is due June 1.
28 The
company paid $710 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 $270 cash for this month’s utilities.
31 The
company paid $1,600 cash in dividends to the owner (sole shareholder).
Contact Us Below To Get Tutoring
