Question
2 of 2 Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May. which included his
2 of 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 $20,000 cash. After those seven transactions, the ledger included the following accounts with normal balances. Cash Office supplies Prepaid insurance $ 43,909 1,130 4,400 Office equipment 12,600 Accounts payable 12,600 Common stock 20,000 Dividends 3,081 Services revenue 40,000 Rent expense 7,480 Book Print erences The following seven transactions produced the account balances shown above. a. Y. Min invested $20,000 cash in the business in exchange for common stock. b. Paid $7,480 cash for monthly rent expense for May. c. Paid $4,400 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $1,130 cash. e. Purchased $12,600 of office equipment on credit (with accounts payable). f. Received $40,000 cash for services provided in May. g. The company paid a $3,081 cash dividend. 2. Prepare a Cash T-account for the above transactions, and compute the ending Cash balance. Code each entry with one of the transaction codes a through g. Cash Check
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