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Required information [following imation applies to the questions displayed below.) Yi Min started an engineering firm called Min Engineering. He began operations and completed
Required information [following imation applies to the questions displayed below.) Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May. which included his initial investment of $19,000 cash. After those seven transactions, the ledger included the following accounts with no al balances. Cash Office supplies. Prepaid insurance $ 37,775 1,090 4,100 Office equipment 11,700 Accounts payable 11,700 Common stock 19,000 Dividends 4,495 Services revenue 37,000 Rent expense 8,540 Required: 1. Prepare a trial balance for this business as of the end of May. Required information [The following information applies to the questions displayed below.] Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $19,000 cash. After those seven transactions, the ledger included the following accounts with normal balances. Cash Office supplies Prepaid insurance Office equipment $ 37,775 1,090 4,100 11,700 Accounts payable 11,700 Common stock 19,000 Dividends 4,495 Services revenue 37,000 Rent expense 8,540 The following seven transactions produced the account balances shown above. a. Y. Min invested $19,000 cash in the business in exchange for common stock. b. Paid $8,540 cash for monthly rent expense for May. c. Paid $4,100 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $1,090 cash. e. Purchased $11,700 of office equipment on credit (with accounts payable). f. Received $37,000 cash for services provided in May. g. The company paid a $4,495 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.
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