Question: Yi Min started an engineering firm called Min Engineering He

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.




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  • CreatedNovember 14, 2013
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