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Question 1: Y Min started an engineering firm called Min Engineering He began operations and completed seven transactions in May, which included his initial investment

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Question 1: Y 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 90 Cash Office supplies Prepaid insurance Office equipment Accounts payable Common stock Dividende Engineering fossarned Rent expense 12.900 12.900 18.000 36.000 7.540 Trial Balance Account Name Amount Debit Credit TOTAL 2 For Month Ended For Month Ended Net Income: 3 Assets: Liabilities: Total Liabilities: Equity: Common Stock Retained Eamings Total Equity Total Liabilities and Equity Total Assets: Question 2: Companay A purchased $10,000 of supplies in December 1. On Dec 31, Company A takes physcial count of its remaining unsued supplies and finds $7,200 of supplies reamaining of the $10,000 total supplies. On Dec 1, 2015, the following journal entries should be made: Date Account Name Debit Credit EQUITY Asset Liabetes Common Stock Dividend Revenue Expense T On Dec 31, 2015, the following journal entries should be made: Date Account Name Debit Credit Question 2 Jan 1: Solar Inc sold $5,000 of Merchandise Inventory on credit 3/15, 1160 to Tesla, Inc. The cost of merchandise sold is $3,000 Jan 10 Telsa return $1,000 of defective Merchandise purchased on Jan 1 back to Solar. The cost of returned inventory is $600 Jan 12: Tesla noted that $500 merchandise purchased on Jan 1 were slightly defective. Telsa agreed to keep it as Solar offerred $400 price reduction Jan 15: Telsa send a payment to Solar for the purchase on Jan 1 (Hint: You need to determin how much is the final payment amount? (after return, after allowance, and still within discount period or not?) Prepare the Journal Entries and post to Ledger all of the above transactions: Solar Inc .......... Tesla Inc. Account Title Date Account Title Debit Credit Date Debit Credit 1 DE FEEDEEL E It NE FEE Page 2 of 2 SELLER BUYER

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