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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 $23,000 cash. After those seven transactions, the ledger included the following accounts with normal balances Cash Office supplies $44,889 30 Prepaid insurance 5,300 office equiposit 12,400 Accounts payable 12,400 Common stock 23,000 Dividends 3,741 Services revenue 39,000 ent expense 7,240 The following seven transactions produced the account balances shown above. a Y. Min invested $23,000 cash in the business in exchange for common stock. b. Paid $7,240 cash for monthly rent expense for May c. Paid $5.300 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $830 cash e. Purchased $12.400 of office equipment on credit (with accounts payable). Received $39.000 cash for services provided in May g. The company paid a $3741 cash dividend 2. Prepare a Cash Taccount for the above transactions, and compute the ending Cash balance. Code each entry with one of the transaction codes a through g Beginning Balance a. Cash 0 Ending Balance
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