Part 1 (Please Explain!)

Part 2

Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $22,500 cash. After those seven transactions, the ledger included the following accounts with normal balances. Cash Office supplies Prepaid insurance Office equipment Accounts payable Y. Min, Capital Y. Min, Withdrawals Engineering fees earned Rent expense $ 44,141 940 4,900 12,300 12,300 22,500 3,669 41,000 9,850 Required: 1. Prepare a trial balance for this business as of the end of May. MIN ENGINEERING Trial Balance May 31 Debit Credit Totals $ 0 $ 0 The following seven transactions produced the account balances shown above. a. Y. Min invested $22,500 cash in the business. b. Paid $9,850 cash for monthly rent expense for May. C. Paid $4,900 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $940 cash. e. Purchased $12,300 of office equipment on credit (with accounts payable). f. Received $41,000 cash for engineering services provided in May. g. Y. Min withdrew $3,669 cash for personal use. 2. Prepare a Cash T-account for the above transaction, and compute the ending Cash balance. Code each entry with one of the transaction codes a through g. Cash Beg. Bal. 0 End. Bal