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. May1 G. Gram invested $43,500 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 $1,940 of office equipment on credit.
5 The company paid $780 cash for this month’s cleaning services.
8 The company provided consulting services for a client and immediately collected $5,300 cash.
12 The company provided $2,400 of consulting services for a client on credit.
15 The company paid $790 cash for an assistant’s salary for the first half of this month.
20 The company received $2,400 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 $1,940 cash for the office equipment purchased on May 3.
27 The company purchased $80 of office equipment on credit.
28 The company paid $790 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 $250 cash for this month’s utilities.
31 The company paid $1,600 cash in dividends to the owner (sole shareholder).