Problem: Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations.
May 1 Gabi Gram invested $43,500 cash in the company.
May 1 The company rented a furnished office and paid $2,600 cash for May's rent.
May 3 The company purchased $1,900 of equipment on credit.
May 5 The company paid $750 cash for this month's cleaning services.
May 8 The company provided consulting services for a client and immediately collected $5,400 cash.
May 12 The company provided $2,500 of consulting services for a client on credit.
May 15 The company paid $790 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 $3,400 of consulting services on credit.
May 25 The company received $3,400 cash payment for the services provided on May 22.
May 26 The company paid $1,900 cash for the equipment purchased on May 3.
May 27 The company purchased $90 of equipment on credit.
May 28 The company paid $790 cash for an assistant's salary for the second half of this month.
May 30 The company paid $300 cash for this month's telephone bill.
May 30 The company paid $270 cash for this month's utilities.
May 31 Gabi Gram withdrew $1,800 cash from the company for personal use.