Holden Graham started The Graham Co., a new business that began operations on May 1. The Co. completed the following transactions during its first month of operations.
H. Graham invested $43,500 cash in the company in exchange for its common stock.
The company rented a furnished office and paid $2,200 cash for May’s rent”
The company purchased $1,860 of office equipment on credit.
The company paid $800 cash for this month’s cleaning services.
The company provided consulting services for a client and immediately collected $5,400
The company provided $2,700 of consulting services for a client on credit.
The company paid $770 cash for an assistant’s salary for the first half of this month.
The company received $2,700 cash payment for the services provided on May 12.
The company provided $4,000 of consulting services on credit.
The company received $4,000 cash payment for the services provided on May 22.
The company paid $1,860 cash for the office equipment purchased on May 3′
The company purchased $80 of advertising in this month’s (May) local paper on credit cash payment is due June 1
The company paid $770 cash for an assistant’s salary for the second half of this month
The company paid $300 cash for this month’s telephone bill,
The company paid $250 cash icr this month’s utilities.
The company paid $1,800 cash in dividends to the owner (sole shareholder).
2. Enter the amount of each transaction on individual items of the accounting equation transactions in the given order. Enter reductions to account balances with a minus sign
3.1 Prepare Holden Graham Company’s income statement for May.
3.2 Prepare Holden Graham company’s statement of Retained Earnings for May.
3.3 Prepare Holden Graham Company’s Balance Sheet for May 31.
3.4 Prepare Holden Graham Company’s $tatemant of Cash Flows For Honth Ended May 31