Carlos Beltran started an engineering firm called Beltran Engineering. He began operations and com¬ pleted seven transactions in May, which included his initial investment of $17,000 cash. After these transactions, the ledger included the following accounts with normal balances;

Required 1. Prepare a trial balance for this business at the end of May.

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 $26,660 ending Cash balance.

Transcribed Image Text:

Cash $26,660 Office supplies... 660 Prepaid insurance 3,200 Office equipment 16,500 Accounts payable ... 16,500 C. Beltran, Capital. 17,000 C. Beltran, Withdrawals 3,740 Engineering fees earned 24,000 Rent expense 6,740