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.

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 $37,641 ending Cash balance.

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Cash $37,641 Office supplies..... 890 Prepaid insurance 4.600 Office equipment 12,900 Accounts payable 12,900 Y. Min, Capital 18,000 Y. Min, Withdrawals .... 3,329 Engineering fees earned 36,000 Rent expense 7,540