29 Jun Question Holden Graham started The Graham
Question
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 $45,000 cash in the company in exchange for its common stock.
The company rented a furnished office and paid $2,300 cash for May’s rent”
The company purchased $1,890 of office equipment on credit.
The company paid $790 cash for this month’s cleaning services.
The company provided consulting services for a client and immediately collected $5,400
The company provided $2,600 of consulting services for a client on credit.
The company paid $750 cash for an assistant’s salary for the first half of this month.
The company received $2,600 cash payment for the services provided on May 12.
The company provided $3,700 of consulting services on credit.
The company received $3,700 cash payment for the services provided on May 22.
The company paid $1,890 cash for the office equipment purchased on May 3′
The company purchased $85 of advertising in this month’s (May) local paper on cre(
payment is due June 1.
The company paid $750 cash for an assistant’s salary for the second half of this month
The company paid $350 cash for this month’s telephone bill,
The company paid $300 cash icr this month’s utilities.
The company paid $1,500 cash in dividends to the owner (sole shareholder).
Required:
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
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