Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions...

  

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Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in h which included his initial investment of $22,000 cash. After those seven transactions, the ledger included the following accounts with normal balances. Cash $ 42,114 Office supplies Prepaid insurance Office equipment Accounts payable 1,120 5,300 10,900 10,900 22,000 Common stock Dividends Engineering fees earned Rent expense 4,256 39,000 8,210 Required: 1. Prepare a trial balance for this business as of the end of May. MIN ENGINEERING Trial Balance May 31 Debit Credit Totals The following seven transactions produced the account balances shown above. a. Y. Min invested $22,000 cash in the business in exchange for common stock. b. Paid $8,210 cash for monthly rent expense for May. c. Paid $5,300 cash in advance the annual for insurance premium beginning the next period. d. Purchased office supplies for $1,120 cash. e. Purchased $10,900 of office equipment on credit (with accounts payable). f. Received $39,000 cash for engineering services provided in May. g. The company paid $4,256 cash in dividends. 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. Bl. End. Bal. Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in h which included his initial investment of $22,000 cash. After those seven transactions, the ledger included the following accounts with normal balances. Cash $ 42,114 Office supplies Prepaid insurance Office equipment Accounts payable 1,120 5,300 10,900 10,900 22,000 Common stock Dividends Engineering fees earned Rent expense 4,256 39,000 8,210 Required: 1. Prepare a trial balance for this business as of the end of May. MIN ENGINEERING Trial Balance May 31 Debit Credit Totals The following seven transactions produced the account balances shown above. a. Y. Min invested $22,000 cash in the business in exchange for common stock. b. Paid $8,210 cash for monthly rent expense for May. c. Paid $5,300 cash in advance the annual for insurance premium beginning the next period. d. Purchased office supplies for $1,120 cash. e. Purchased $10,900 of office equipment on credit (with accounts payable). f. Received $39,000 cash for engineering services provided in May. g. The company paid $4,256 cash in dividends. 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. Bl. End. Bal.

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1 MIN ENGINEERING Trial balance May31 Debit Credit Cash 42114 of... View the full answer