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! Required information [The following information applies to the questions displayed below.) Yi Min started an engineering firm called Min Engineering. He began operations and
! 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 $22,500 cash. After those seven transactions, the ledger included the following accounts with normal balances. Cash Office supplies Prepaid insurance Office equipment Accounts payable Common Stock Dividends Engineering fees earned Rent expense $ 40, 781 840 4,200 14,600 14,600 22,500 4,419 37,000 9, 260 Required: 1. Prepare a trial balance for this business as of the end of May. The following seven transactions produced the account balances shown above. MIN ENGINEERING Trial Balance a. Y. Min invested $22,500 cash in the business in exchange for common stock. b. Paid $9,260 cash for monthly rent expense for May May 31 c. Paid $4,200 cash in advance for the annual insurance premium beginning the next period Debit Credit d. Purchased office supplies for $840 cash. e. Purchased $14,600 of office equipment on credit (with accounts payable). f. Received $37,000 cash for engineering services provided in May. g. The company paid a $4,419 cash dividend. 2. Prepare a Cash T-account for the above transaction, and compute the ending Cash balarce. Code each entry with one of the transaction codes a through g. Cash Beg. Bal. End. Bal Totals $ 0 $ 0
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