Carlos Young started an engineering firm called Young Engineering. He began operations in March 2020 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 Revenue ......................................................... 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.