Carlos Young started an engineering firm called Young Engineering. He began operations in March 2014 and completed seven transactions, including his initial investment of $17,000 cash. After these transactions, the ledger included the following accounts with their normal balances:
Cash .......................................................... $26,660
Office Supplies ............................................. 660
Prepaid Insurance .......................................... 3,200
Office Equipment ..........................................16,500
Accounts Payable ..........................................16,500
Carlos Young, Capital ....................................17,000
Carlos Young, Withdrawals .............................. 3,740
Engineering Fees Earned .................................24,000
Rent Expense .............................................. 6,740
Required
Preparation Component: Prepare a trial balance for the business.
Analysis Component: Analyze the accounts and balances and prepare narratives that describe each of the seven most likely transactions and their amounts.