Question

Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $18,000 cash. After those seven transactions, the ledger included the following accounts with normal balances.
Cash . . . . . . . . . . . . . . . . . . . . . . . $37,641
Office supplies . . . . . . . . . . . . . . . . 890
Prepaid insurance . . . . . . . . . . . . . 4,600
Office equipment . . . . . . . . . . . . . 12,900
Accounts payable . . . . . . . . . . . . . 12,900
Y. Min, Capital . . . . . . . . . . . . . . . 18,000
Y. Min, Withdrawals . . . . . . . . . . . 3,329
Engineering fees earned . . . . . . . . 36,000
Rent expense . . . . . . . . . . . . . . . . 7,540

Required
1. Prepare a trial balance for this business as of the end of May. Analysis Components
2. Analyze the accounts and their balances and prepare a list that describes each of the seven most likely transactions and their amounts.
3. Prepare a report of cash received and cash paid showing how the seven transactions in part 2 yield the $37,641 ending Cash balance.



$1.99
Sales12
Views480
Comments0
  • CreatedNovember 14, 2013
  • Files Included
Post your question
5000