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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 completed
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 $21,500 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 Services revenue Rent expense $ 40,432 850 4,500 13,800 13,800 21,500 4,468 37,000 8,250 The following seven transactions produced the account balances shown above. a. Y. Min invested $21,500 cash in the business in exchange for common stock. b. Paid $8,250 cash for monthly rent expense for May. c. Paid $4,500 cash in advance for the annual insurance premium beginning the next period. d. Purchased office supplies for $850 cash. e. Purchased $13,800 of office equipment on credit (with accounts payable). f. Received $37,000 cash for services provided in May. g. The company paid a $4,468 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 Beginning Balance 0 8,250 b. a. 21,500 4,500C. f. 37,000 850 d. 4,468 9. Ending Balance
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