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Yi Min started an engineering firm called Min Engineering He began operations and completed seven transactions in May which included his initial investment of $18000 cash After those

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 . . . . . . . . . . . . . . . . . . . . . $44,132 Office supplies . . . . . . . . . . . . . . 1,090 Prepaid insurance . . . . . . . . . . . . 4,700 Office equipment . . . . . . . . . . . . 11,200 Accounts payable . . . . . . . . . . . . 11,200 Common stock . . . . . . . . . . . . . 18,000 Dividends . . . . . . . . . . . . . . . . . . 4,328 Engineering fees earned . . . . . . . 44,000 Rent expense . . . . . . . . . . . . . . . 7,750 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 $44,132 ending Cash balance.

May 22 2020 View more View Less

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